Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.
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
As discussed in Part I, co-working is a positive trend in real estate that is taking over our offices and the headlines in industry news. Co-working models are becoming specialized by industry and are beginning to morph and blend in different ways, leading to even more iterations and opportunities for change. Organizations within the same industry, or who share similar business lines or services are exploring corporate co-working models, and discovering… Read More
Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible.
JLL’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 … Read More
Amanda Bokman joins JLL as a Managing Director and will provide tenant representation services throughout the New York metropolitan area
JLL has hired Amanda Bokman as a managing director in its New York office. She will be responsible for new business development and tenant representation services in the New York metropolitan area. Bokman will work closely… Read More