Tag Archives: leasing activity

Avenue of the Americas outperforms expectations

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Avenue of the Americas has outperformed all Midtown core avenues in recent quarters. Since the first quarter of 2017, AofA has seen five straight quarters of positive absorption in the Class A segment- a total of 1.6 million square feet. It has also seen Class A vacancy stop for six consecutive quarters, from 10.7 percent in the fourth quarter of 2016 to 6.5 percent in the beginning of this year.

The corridor… Read More

Recent activity suggest a westward shift in Manhattan’s center of gravity

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  • ​74 percent of all large relocations, by square footage, since 2014 represented movement either West or South; with the majority coming from the Grand Central and Plaza District districts.
  • These relocating tenants are leaving behind more than 13 million square feet of Midtown availability.
  • Large renewal activity remains concentrated in Midtown
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Trend Spotting: Presidential Election Years

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Presidential Election Years and New Activity in Manhattan JLL research

By JLL New York, Research

We often hear that Wall Street dislikes uncertainty, but Manhattan office tenants don’t appear to like it either. The last two presidential election years have coincided with a drop in new leasing activity, especially among large users—those 100,000… Read More

Chart of the Week: Financial services sector continues to account for most leased space

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New York Chart of the Week: July 21, 2014

PowerPoint Presentation

  • A number of large leases enabled the financial services sector to solidify its place in the top spot in terms of leasing activity YTD.
  • Despite stagnant employment growth and increased regulation, the sector—long dominant in office leasing—captured almost one-third of YTD leasing activity compared with 21.7 percent
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NYC’s tech sector continued on its usual growth trajectory in May

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Q2 tech leasing activity surpasses previous quarter

Title 32pt Times New Roman Italic with keyword highlighted red

The July issue of JLL’s NYC Tech Monthly reported that in May, tech employment increased by 5.8 percent year-over-year, again marking the largest industry growth among all major sectors. Month-over-month however, the sector experienced a decline, losing 600 jobs in May.

Other highlights of the report include:

NYC high-tech employment expansion largest among all major industries

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TechMonthlyNYC

Tech industry consistently proves to be a growth engine for NYC and key player in the strength of the office market.

JLL’s latest NYC Tech Monthly reported that New York City high-tech employment expanded year-over-year by 4,200 jobs or 7.0 percent in April—the largest expansion among all the major industries.

Other highlights of the report include:

Manhattan Monthly Update | June 2014

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MMU_Jun14_final

JLL recently released its Manhattan Monthly Update, a monthly wrap up of leasing activity in Manhattan, along with Class A vacancy and asking rates. A submarket summary is as follows:

Midtown Manhattan
Strong leasing led to positive absorption and lower vacancy in Midtown in May, though the average asking rent slipped due to the introduction of… Read More