Following a city-wide trend of shrinking store formats, the average size for ground floor available retail space decreased in nearly all the prime submarkets tracked in the first quarter of 2018, according to JLL Research in New York. The lone exception was in Lower Fifth Ave, where it remained the same.
Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.
- 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 … Read More
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
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
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
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
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
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
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