- The desirability of the Meatpacking District (in part by fueled by Google’s move to 111 Eighth Avenue back in 2005 and its continued development of a “campus” in the micromarket) has encouraged developers to build boutique office buildings, which are commanding rents well above the market average. Opportunistic landlords are taking advantage of Meatpacking’s status as a trendy and hip place to be.
- Six new developments—three complete and three impending, totaling 787,989 … 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
With ICSC #NYnDM taking over the Javits Center in New York this week, we thought we would do a round-up all things retail news…
CHECK OUT: Retail Runway…
JLL’s retail blog takes a look at the retail runway at ICSC New York and highlights the three major themes. What’s the great news for New York City? Urban store presence and Health and… Read More
As in past print editions, the JLL Skyline Report will continue to explore the trends that shape North American real estate markets.
#1 – Not Everyone Gets a Trophy
When it comes to the Trophy classification, JLL research indicated that for the average city skyline, the Trophy rental rate was 77% higher than the non-Trophy rate. Keeping on trend, Manhattan’s trophy inventory outperformed the balance of the market, posting some of… Read More
New York Chart of the Week: July 14, 2014
- 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 … Read More
New York Chart of the Week: July 7, 2014
- Trophy assets in the Plaza District command the highest rents in Manhattan with an average direct asking rent of $104 per square foot
- Year-to-date, there have been 32 leases with a starting rent of $100+ per square foot, compared with 29 at this time last year
- Assets with … Read More
JLL team spearheaded a comprehensive capital improvement program for Deka Immobilien GmbH, including extensive lobby, elevator and infrastructure upgrades
Over the past 18 months, JLL spearheaded a comprehensive capital improvement program at The Berkeley Building, 19 West 44th Street, on behalf of Deka Immobilien GmbH. The building owner renovated the lobby and common corridors, modernized the elevators and upgraded the infrastructure of the 292,968-square-foot commercial office building.
The JLL team handling the property management assignment is led Matt Duthie, managing director, with Matthew Kirby-Smith serving as general manager of the building. Project management services were overseen by Michael Chionchio, managing director, along with Joseph Buxbaum and Shannon Ford. The group worked closely with Real Estate Capital Partners, which serves as the asset manager of the building for Deka Immobilien.
“This was a complex and multi-faceted capital improvement campaign designed to transform the overall efficiency and aesthetics of The Berkeley Building,” said Kirby-Smith. “We’re particularly excited about the completion of the lobby renovation and the upcoming elevator modernization. These two efforts will truly enhance the everyday experience of tenants and visitors to the building.”
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:
- Tech venture capital … Read More
Conditions are certainly hot in the New York hotel investment market.
With total hotel transaction volume of $1.8 billion, Manhattan was the most active market nationally in 2013, outranking Oahu Island, San Francisco, Los Angeles, Boston and Washington, D.C.
And in 2014, JLL’s Hotels and Hospitality Group expects that $1.8 billion figure to increase to between $2.7… Read More