Tag Archives: Class A

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… 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

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
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New York office market posts lowest overall vacancy rate since Q3 2008

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  • Vacancy rates down in all submarkets, building classes
  • Overall Manhattan rents continue to rise in 3rd quarter of 2014

NYC_blogDespite moderate leasing activity during the third quarter of 2014, New York’s office market posted sharp drops in vacancy rates in every submarket and property type, according to JLL. The city’s overall vacancy rate has fallen to its lowest level since the third quarter of 2008.

Manhattan’s overall vacancy rate dropped to 9.7 percent this quarter, a decrease of 8.5 percent (or 0.9 percentage points) from 10.6 percent at midyear 2014. The city’s Class A vacancy rate fell to 10.6 percent in the third quarter of 2014, a decrease of 7.8 percent (or 0.9 percentage points) from 11.5 percent the previous quarter.

“The final quarter of the year is typically the most active in Manhattan, and brokers reported brisk building touring activity over the summer,” said Tristan Ashby, director of New York research.

“Going forward, we expect to see much higher rents throughout the city as vacancy rates continue to tighten. There are increasingly fewer opportunities at the very top end (Plaza Trophy) and very low end (Downtown Class B) of the market, or anywhere in Midtown South. Longer-term, large blocks will begin entering the market in Midtown beginning in 2018 as new construction, redevelopments and several large blocks vacated by relocating tenants come online.”

Overall average asking rents in New York rose to $64.91 per square foot this quarter, an increase of less than one percent from $64.57 per square foot at midyear 2014. The city’s Class A average asking rent grew to $71.66 per square foot in the third quarter of 2014, an increase of less than one percent from $71.28 per square foot the previous quarter.

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Midtown Class A Vacancy Falls Sharply

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Manhattan Office Outlook | September 2014

MOU_Sep14JLL’s New York Research team has just released its September 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 fell sharply in August to 10.7 percent from 11.2 percent in… Read More

Manhattan Office Outlook | August 2014

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Midtown South experiences an uptick in July

ManhattanOO_Aug2014JLL recently released its 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
Though leasing activity in Midtown was light for July, the Midtown Class A vacancy rate decreased to 11.2 percent… Read More

Q2 NY Office Outlook: Large block leasing activity drives vacancy lower as confidence increases

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Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible.

Office_reportJLL’s Q2 New York Office Outlook reported on conditions in the nation’s largest office market over the quarter and the year so far.

Report highlights are as follows:

  • The Manhattan office vacancy rate fell to 10.6 percent from 11.1 percent – its lowest level in two years – as a result of
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Chart of the Week: Midtown Class A rental growth

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New York Chart of the Week: July 14, 2014

PowerPoint Presentation

  • Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible—most recent quarters have seen lower vacancy and higher rents.
  • This is uncharacteristic of the Manhattan market, where rental spikes are a routine part of the cycle. Since 1995, the Midtown Class
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