Category Archives: Manhattan office market

Heightened demand and new developments have propelled the Meatpacking District to the top of the market

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  • The desirability of the Meatpacking District (in part by fueled by Google’s move to 111 Eighth Avenue back in 2005 and its continued development of a “campus” in the micromarket) has encouraged developers to build boutique office buildings, which are commanding rents well above the market average. Opportunistic landlords are taking advantage of Meatpacking’s status as a trendy and hip place to be.
  • Six new developments—three complete and three impending, totaling 787,989
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Manhattan’s Class A office market finishes 2017 strong

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Class A office product dominated Manhattan in the last quarter of 2017, as detailed in the Q4 2017 Office Insight report recently released by JLL Research. This “flight-to-quality”… Read More

The Future of Work | Continuous Innovation

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Accommodating the Liquid Workforce

How do you mesh today’s workforce of employees and freelance staff to create an environment that empowers the entire team and infuses your brand and culture? How can you make a flexible workspace while still creating a sense of belonging? And what mix of work areas will best empower freelancers without sacrificing a sense of ownership for full-timers?

While there is no one-size-fits-all answer, a workplace designed for a… Read More

Hudson Yards/Manhattan West update: New and improved product continues to draw from Midtown

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As Hudson Yards/Manhattan West takes shape, more and more traditional Midtown tenants have committed to the new and renovated quality spaces on the Far West Side, according to JLL Research. The westward trend continues as two more relocations from Midtown were reported in August: Business services firm… Read More

One Vanderbilt unveils additional building details

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Across the street from JLL’s Midtown Manhattan office, one of New York City’s soon-to-be-tallest buildings is slowly emerging from the ground. One Vanderbilt, the 1,401-foot tower developed by SL Green, has now reached street level, and its official Instagram has been actively sharing both its progress and plans.

In addition to… Read More

Midtown East rezoning to spur development of new office towers

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The Midtown East rezoning deal struck between the New York City Council (Land Use Committee) and the de Blasio administration not only allows for new construction of approximately 6.5 million square feet of office space within the 78-block area around Grand Central, but is also intended to generate a minimum of $61.49 per square foot, or 20 percent of the… Read More

Confidence continues in the Manhattan retail market

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REBNY Research reports that the Manhattan retail leasing market is proving to be an outlier against the national retail slowdown. Increased interest from retailers has spread throughout Manhattan, showing that there is confidence in Manhattan retail overall.

As the market’s natural retail correction continues, Manhattan rental rates for 72% of… Read More

Will bank branches on every street corner become a thing of the past?

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A 20% decrease in bank branch locations is expected over the next 10 years

We’ve all heard the catch phrase “bricks versus clicks.”  But have you considered the cost savings tied to bank branch evolution from bricks to clicks?

Simple math tells an astonishing story: the cost per transaction through a bank teller is $8.00; the cost per transaction via a mobile app is $0.08.  Mobile deposit, transferring and banking has changed the… Read More

JLL promotes the workplace of the future

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TAMI tenants may prefer to hold a lunch meeting in Bryant Park with a Halal falafel and a $3 bottled water, but they demand first-class lobby concierge, wellness, gourmet food and more in the office. And it’s paying off. Large user tenants recently signed leases on New York’s West Side for >$100 per square foot that may include outdoor space, bike storage, fitness centers and pet-friendly facilities to help their organizations… Read More

Employment Update: July 2016 from New York Research

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The JLL New York Research Team has released their latest report, the New York Employment Update, which is a monthly review and analysis of the local economy and the overall employment situation and dynamics.

Some highlights of the report include an employment pickup that occurred in June, piloted by an 8,000 job-expansion month-over-month. Total employment remains elevated by 1.9 percent year-over-year.

So what does this mean for commercial real estate in the Big… Read More