Category Archives: Vacancy rates

5 key trends shape mid-year Skyline update

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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 a period of… 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 offset positive absorption
  • 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 with three transactions… 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 percent in January… Read More

Vacancy rises in January as new blocks hit

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JLL New York Chart of the Week

PowerPoint Presentation

  • Midtown Class A vacancy climbed to 11.4 percent from 10.7 percent at year-end, with the addition of new product in the Penn Plaza/Garment District and returned space in the Plaza District.
  • Downtown Class A vacancy rose to 13.0 percent in January from 11.6 percent at year-end 2014. Trophy space was added at
  • 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 vacancy rate dropped… Read More

Expansionary leasing activity drives growth across markets

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JLL Q4 U.S. Office Outlook

JLL’s Q4 U.S. Office Outlook highlights economic and real estate conditions in Q4 and forecasts for 2015 and beyond. Key findings from the recently released report include:

  • Swelling corporate confidence and economic growth fueled net absorption of 54.7M s.f. in 2014 (36.7 percent increase from 2013), with 2015 forecast calling for growth to uptick by another 25 percent.
  • Total vacancy declined 15M s.f. from year-end 2013—from 16.6 percent to 15.6 percent—its lowest
  • 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, Midtown South leads
  • Read More

Midtown (A) will finish year at lowest vacancy rate since 2008

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New York Chart of the Week: December 8, 2014

PowerPoint Presentation

  • Both New York County (Manhattan) unemployment and Midtown Class A vacancy are at the lowest level since 2008.
  • The short-term increase in the unemployment rate (2011-2012) was a precursor to the rise in vacancy.
  • The rates could diverge in early 2015 as unemployment continues to fall while a handful of large
  • 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 October while vacancy… Read More