Category Archives: Midtown South

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

Q1: Returned blocks combined with slower leasing activity to drive vacancy higher

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New York Office Outlook | Q1 2015

JLL’s New York Research team has just released its New York Office Outlook for the first quarter – a wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

  • A number of available blocks of space—most of which had been anticipated by the market—were added during the first quarter that
  • Read More

Midtown deal flow accelerates in February

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Manhattan Office Outlook | March 2015

MMU_Mar2015JLL’s New York Research team has just released its March Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

Midtown
After a lull in large block leasing activity in Midtown in January, deal flow accelerated in February… Read More

Midtown & Lower Manhattan experience increased vacancy in January

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Manhattan Office Outlook | February 2015

MMU_Feb2015JLL’s New York Research team has just released its February Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

Midtown Manhattan
Midtown Class A vacancy rose to 11.4… Read More

Midtown South records third consecutive year of double digit rent growth

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New York Chart of the Week

PowerPoint Presentation

 

  • The overall average starting rent in Midtown South has increased by 70.5 percent since its post-recession low in 2010.
  • Similarly, landlord concessions have risen as well. From 2011 to 2014, the average TI allowance more than doubled to $40.58 per square foot and free rent climbed from 4.9 to 6.7
  • Read More

Midtown trophy rents at highest level in three years

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New York’s Trophy Buildings Continue to Outperform Larger Market

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While Manhattan’s growing economic diversification into high-tech and other creative industries is welcome news for the larger economy, JLL New York’s research team has found that financial and legal services continue to drive occupancy and pricing at the top of the market. The majority of New York’s most expensive properties remain clustered around the… Read More

Strongest year since the financial crisis

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15_Jan_MarketscapeManhattan’s office market posted steep declines in vacancy, positive absorption and a 10-year high in new large block leasing activity by year-end 2014, according to JLL. 

Major themes for the year included the migration of large tenants to Lower Manhattan, record leasing activity in Midtown South and the continued rise of Midtown’s Trophy properties as both international investors and tenants take interest.

Manhattan’s overall… Read More

Number of large tech leases climbs

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High-tech_blogJLL NYC Research: December Tech Monthly

JLL’s Tech Monthly considers activity in New York’s tech sector, including employment growth, leasing activity, venture capital funding and companies hiring.

Key takeaways from our December update include:

  • After a dip in October, NYC tech employment ramped up in November, increasing by 5.7 percent year-over-year
  • Tech leasing regained momentum in November, posting 746,383 square feet of activity
  • As options in Midtown South
  • Read More

Manhattan Class B vacancy lowest since 2007

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New York Chart of the Week: December 18, 2014

PowerPoint Presentation

  • The demand for Class B space has increased as value options elsewhere, including Midtown South and Penn Plaza, have diminished.
  • The average Class B taking rent has increased 12.7 percent year-over-year to $53.66 as overall vacancy nears a pre-recession low at 8.4 percent.
  • For the first time post-2007,
  • Read More

Midtown South Class A vacancy tightens to lowest level since 2007

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Manhattan Office Outlook | November 2014

MMU_Nov2014JLL’s New York Research team has just released its November Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

Midtown Manhattan
Midtown asking rents were mostly unchanged in… Read More