The pace and scale of change in today’s globalized, digitized economy is leading to an unprecedented transformation of our cities. As technology-enabled platforms lower barriers to entry and ensure that demand for talent and innovation becomes increasingly global, cities are needing to adapt and build environments that foster innovation ecosystems, talent and connectivity in order to maintain their competitiveness and gain the benefits of this rapid shift.… Read MoreWhat is the City Momentum
- 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 craft brewing industry in America has exploded in recent years, with 36 states more than doubling their craft beer production from 2011 to 2016, according to The Craft Beer Guidebook to Real Estate from JLL. This growth has played a key role in the transformation of previously abandoned light-industrial buildings and turning barren neighborhoods into flourishing communities. The guidebook provides production and brewery data in New York and other states… 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
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
Climate change is one of the greatest challenges facing our generation, and JLL’s Dana Robbins Schneider has partnered with the City of New York through #OneNYC to reduce our footprint on the environment.
At the beginning of 2015, the City of New York brought together leaders from the real estate industry, engineers, architects, academics, and affordable housing experts to form the Technical Working Group (TWG). The group was gathered to develop a… 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
As in past print editions, the JLL Skyline Report will continue to explore the trends that shape North American real estate markets.
Navigating the rent Gap: Trophy vs. Non-trophy
In a previous post we discussed the increase in Trophy rental rates in New York and across the country. Our JLL research team has… Read More
New York Chart of the Week: June 23, 2014
- Highlighted by the recent 669,832-square-foot Time, Inc. relocation from Midtown to 225 Liberty Street, technology, advertising, media and information (TAMI) tenants have helped reshape the Downtown landscape
- These tenants have been attracted to the market’s high-image space and comparatively low rents relative to Midtown and Midtown South; … Read More
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:
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