An interesting statistic from JLL Research: new office product coming to market in Brooklyn has asking rents that represent a 61 percent premium to previously existing product, a level in line with Downtown Manhattan asking rents. In fact, DUMBO asking rents ($65.35 per s.f.) have now surpassed Downtown Manhattan asking rents ($60.87 per s.f.). And nearly 40 percent of space currently available in Brooklyn and Long Island City are in buildings… Read More
- Lower Manhattan is served by the brand new, Oculus/Fulton Center transit hub, a subterranean network of rail stops accessing the New Jersey PATH system as well as eleven MTA subway lines. These transportation resources make the market highly accessible to both New Jersey … Read More
Life Sciences innovation is evolving at a breathtaking pace. Shifting priorities are creating new models, the race for talent is quickening and emerging markets are providing more value than ever before. As Life Sciences companies enter a new era of collaborative research and development, flexibility, and need for more creative space, an effective real estate and facilities strategy is key.
In our 2018 Life Sciences Outlook, JLL calls out 3 trends shaping… Read More
Landlord provided Tenant Improvement Allowances (also known as TIs or TIAs) have recently experienced significant spikes throughout the United States, as trends in office space and construction environments are emerging, driven by the following factors:
- A significant volume of new inventory has had a major impact to supply and demand dynamics, as available office product is expanding faster than tenant demand. This trend is motivating landlords to compete for tenants with more … Read More
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.
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
Class A office product dominated Manhattan in the last quarter of 2017, as detailed in the Q4 2017 Office Insight report recently released by JLL Research. This “flight-to-quality”… Read More
Where do office tenants pay top dollar, you may ask? According to the 2017 Most Expensive Streets Report, the Midtown Manhattan stretch of Fifth Avenue ranks number two on the list of the country’s most expensive streets.
Fifth Avenue, from 50th Street to 61st Street, came in second behind California’s Sand Hill Road in Menlo Park, recording an average asking rent of $116.04 per square foot with top asking rents as high… Read More
New York City is emerging as a leading destination for biotech startups and the larger life sciences industry. As illustrated in our New York research Snapshot chart this week, New York City now ranks second in life sciences funding from the National Institutes of Health (NIH), receiving $1.63 billion in 2016 (see chart below).
The Bureau of Labor Statistics estimates that more than 1,000 life sciences companies are located in the New York… Read More
A 20% decrease in bank branch locations is expected over the next 10 years
We’ve all heard the catch phrase “bricks versus clicks.” But have you considered the cost savings tied to bank branch evolution from bricks to clicks?
Simple math tells an astonishing story: the cost per transaction through a bank teller is $8.00; the cost per transaction via a mobile app is $0.08. Mobile deposit, transferring and banking has changed the… Read More