According to a new special research report from the JLL New York Research and Hotels teams, New York is the most liquid hotel market in the world. 2015 marked the city’s highest volume of transactions and highest-priced transaction on a per-room basis. Hotel performance will be under pressure in 2016 and 2017, given the city’s elevated supply pipeline, economic volatility in major source markets and the impact of home-sharing sites, but New York is… Read More
New York City Chart of the Week
- Once a growth engine for the city, Manhattan’s financial services sector shrank by 6.4 percent from 2007 to 2014. The sector’s share of overall leasing activity fell by 9.0 percentage points over the same period.
- Though a small portion of overall jobs, the tech sector had the fastest employment growth in Manhattan … Read More
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New York City total nonfarm employment continues to set new records in May
JLL’s New York City Employment Update covers key employment statistics and trends, and the subsequent implications for real estate.
Highlights from the July update include:
- New York City total nonfarm employment continued to set new records in May, edging upward to 4,036,500.
- NYC private sector employment grew by 2.3 percent, or 77,700, year-over-year.
- The leisure and hospitality … Read More
Conditions are certainly hot in the New York hotel investment market.
With total hotel transaction volume of $1.8 billion, Manhattan was the most active market nationally in 2013, outranking Oahu Island, San Francisco, Los Angeles, Boston and Washington, D.C.
And in 2014, JLL’s Hotels and Hospitality Group expects that $1.8 billion figure to increase to between $2.7 and $2.8 billion,… Read More