Tag Archives: Penn Plaza

Vacancy rises in January as new blocks hit

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JLL New York Chart of the Week

PowerPoint Presentation

  • Midtown Class A vacancy climbed to 11.4 percent from 10.7 percent at year-end, with the addition of new product in the Penn Plaza/Garment District and returned space in the Plaza District.
  • Downtown Class A vacancy rose to 13.0 percent in January from 11.6 percent at year-end 2014. Trophy space
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Manhattan Class B vacancy lowest since 2007

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New York Chart of the Week: December 18, 2014

PowerPoint Presentation

  • The demand for Class B space has increased as value options elsewhere, including Midtown South and Penn Plaza, have diminished.
  • The average Class B taking rent has increased 12.7 percent year-over-year to $53.66 as overall vacancy nears a pre-recession low at 8.4 percent.
  • For the first time post-2007,
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Is the Penn Plaza/Garment submarket becoming the new TAMI frontier?

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New York Chart of the Week: August 25, 2014

PowerPoint Presentation

  • The TAMI (tech, advertising, media, and information) sector has increasingly migrated to the Penn Plaza/Garment District—the sector’s office footprint in the submarket has grown to 21 percent from 14 percent in 2012.
  • Though the TAMI sector occupies 46 percent of the neighboring Chelsea submarket, the sector’s Penn
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