Tag Archives: snapshots

High-tech tenants have catalyzed demand for Midtown South’s new product

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  • High-tech users have accounted for 53 percent of leasing in Midtown South new developments as tech firms have put talent attraction and retention at the forefront of real estate strategies. However, leasing has been led by non-traditional technology tenants. Mastercard signed a 212,500-square-foot at 150 Fifth Avenue for its
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Times Square retail is on a roll

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•Times Square continues to show signs of prosperity as availability in the corridor dropped to 5.9 percent in the second quarter, the lowest of all submarkets tracked by JLL Research.

•The area benefited from the marked decrease in asking rents that has been observed city-wide; the current average of $1,833… Read More

Avenue of the Americas outperforms expectations

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Avenue of the Americas has outperformed all Midtown core avenues in recent quarters. Since the first quarter of 2017, AofA has seen five straight quarters of positive absorption in the Class A segment- a total of 1.6 million square feet. It has also seen Class A vacancy stop for six consecutive quarters, from 10.7 percent in the fourth quarter of 2016 to 6.5 percent in the beginning of this year.

The corridor… Read More

Fintech emerges as Financial Services companies continue to invest

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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.