In less than two weeks, New York City is hosting the largest marathon race not only in the US, but in the world. How fitting since NYC also hosts one of the largest corporate races you participate in daily – the race to be the front-runner in your industry. And as New Yorker’s, we know you not only want to compete, you want win, every single day. And to do this,… Read More
As we continue exploring how commercial real estate is transforming business through our Future of Work model, we find digitization and technology to be a powerful force behind improving work space performance and enabling employees to focus on more strategic and creative ambitions.
So it’s no surprise that the second dimension of our Future of Work series is Digital Drive. All companies are becoming technology companies. Technology drives change and changes inspired… 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
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
New York City is emerging as a leading destination for biotech startups and the larger life sciences industry. As illustrated in our New York research Snapshot chart this week, New York City now ranks second in life sciences funding from the National Institutes of Health (NIH), receiving $1.63 billion in 2016 (see chart below).
The Bureau of Labor Statistics estimates that more than 1,000 life sciences companies are located in the New York… Read More
The HBO Bryant Park Summer Film Festival kicks off in less than one week! From June 19 to August 21, the lawn at Bryant Park turns into Manhattan’s own outdoor movie theater as throngs of people invade its green grass each Monday evening at 5pm, as screenings begin at sunset. Ten classic movies will grace the outdoor big screen in 2017, with titles ranging from King Kong to Dirty Dancing.
This year, before… 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
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
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
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.
- Gone today, here tomorrow
Many markets are expected to enter… Read More