- 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
New York Chart of the Week: December 18, 2014
- 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, … Read More
JLL NYC Research: August Tech Monthly
JLL’s Tech Monthly looks at activity in New York’s tech sector, including employment growth, leasing activity, venture capital funding and companies hiring.
Highlights of our August report include:
- Tech sector employment in New York City increased by 5.2 percent year-over-year in June, again the largest industry growth among all major sectors.
- Tech tenants committed to 350,910 square feet of recorded transactions … Read More
New York Chart of the Week: July 14, 2014
- Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible—most recent quarters have seen lower vacancy and higher rents.
- This is uncharacteristic of the Manhattan market, where rental spikes are a routine part of the cycle. Since 1995, the Midtown Class … Read More