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.
TAMI tenants may prefer to hold a lunch meeting in Bryant Park with a Halal falafel and a $3 bottled water, but they demand first-class lobby concierge, wellness, gourmet food and more in the office. And it’s paying off. Large user tenants recently signed leases on New York’s West Side for >$100 per square foot that may include outdoor space, bike storage, fitness centers and pet-friendly facilities to help their organizations… 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
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.
- Gone today, here tomorrow
Many markets are expected to enter… Read More
According to a new special research report from the JLL New York Research and Hotels teams, New York is the most liquid hotel market in the world. 2015 marked the city’s highest volume of transactions and highest-priced transaction on a per-room basis. Hotel performance will be under pressure in 2016 and 2017, given the city’s elevated supply pipeline, economic volatility in major source markets and the impact of home-sharing sites, but… 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
New York City employment inched upward in April, besting the peak set in February
JLL’s New York City Employment Update covers key employment statistics and trends, and the subsequent implications for real estate.
Highlights from the June update include:
- The city’s unemployment rate fell to 7.4 percent from 8.3 percent in March. The share of the employed … Read More