Category Archives: Manhattan office market

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

0 CommentsBy

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

0 CommentsBy

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

0 CommentsBy

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

0 CommentsBy

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?

0 CommentsBy

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

0 CommentsBy

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

0 CommentsBy

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

5 key trends shape mid-year Skyline update

0 CommentsBy

Last week, JLL launched a mid-year update to the 2016 Skyline Report, which provides online access to current market intelligence for the most iconic offices across our skyline. JLL’s Skyline provides insights on office supply, demand, rents and leverage for the top-tier office market within CBDs and urban cores. Five key trends shape this update, and below see how they impact our City.

  1. Gone today, here tomorrow

Many markets are expected to enter… Read More

Trend Spotting: Co-working Corporates, Part I

1 CommentBy

If you opened a door in your office, and found 20,000 square feet of empty, unused space, what would you do with it?

“Use space as a differentiator. This is an increasingly popular trend in real estate. People are taking their spaces and using them for co-working in order to distinguish themselves and their working environments.” says Senior Vice President of Workplace Strategy at JLL, Phil Kirschner. Reliance on technology is increasing due to the Fourth Industrial Revolution taking hold in New York City, meaning that the workforce must be even more technologically-savvy than ever. As the workforce transforms into a younger demographic with a different skillset, they begin to dictate real estate trends.

Young women working at home office or co-working space

Young women working at home office or co-working space, courtesy of Thinkstock

These younger “techies” are not used to being tethered to a desk, stuck in an office building from 9 to 5. Rather, … Read More

The 2015 JLL Skyline Report is now Online!

0 CommentsBy

JLL’s Skyline Report is now available digitally!  The interactive website provides clients and prospects with market intelligence and insights on leading office buildings across the United States and Canada.

Visitors to the Skyline website can:

  • Discover the five themes shaping the Skyline today and in the future
  • Visualize key market metrics in 47 cities across the U.S. and Canada
  • Analyze more than a dozen data points on 1,000+ Trophy and Class A office buildings
  • Obtain a
  • Read More