NYC Office Market Report, Second Quarter 2016
NYC Office Market Report, Second Quarter 2016
NYC Office Market Report, Second Quarter 2016 was compiled using data provided by Costar, the Commercial Real Estate Information Company.
Market Snapshot: $60.26 Average quoted asking rent. 7.80% Total amount of vacant space.
In comparison, in the First Quarter of 2016 the average asking rent was $59.55 per rentable square foot with a vacancy rate of 7.90%.
For a more recent NYC Office Market Report LINK HERE
Sub-market Analysis
TOP 5 BIGGEST LEASES SIGNED
UBS Group: 890,861 RSF renewal at 1285 Avenue of the Americas in the Columbus Circle sub-market.
NYU Langone Medical Center: 376,765 RSF at 222 East 41st Street in the Grand Central sub-market.
PWC: 241,196 RSF at 90 Park Avenue in the Grand Central sub-market.
Visiting Nurse Service: 237,434 RSF at 220 East 42nd Street in the Grand Central sub-market.
D.E. Shaw & Company, L.P.: 195,375 RSF renewal at 1166 Avenue of the Americas in the Times Square sub-market.
TOP 3 UNDER-CONSTRUCTION PROJECTS
3 World Trade Center: 2,861,402 RSF. Delivery Q1 2018. 37% preleased. Developer-Silverstein Properties, Inc.
30 Hudson Yards (500 West 33rd St.): 2,600,000 RSF. Delivery Q3 2019. 100% preleased. Developer- Oxford Properties Group.
1 Manhattan West (400 West 33rd St.): 2,300,000 RSF. Delivery Q1 2019. 29% preleased. Developer- Brookfield Office Properties, Inc.
IDEAS FOR REDUCING NYC OFFICE EXPENSE
(1) Space Reduction and Redesign: Businesses can reduce the size of their offices by modifying the design and shrinking the area occupied by each employee. Use our office space calculator to estimate your essential requirement. Some companies use hourly or daily rentals at off-site business centers for part-time staff and conferences.
(2) Flex Work and Telecommuting: Flexible work schedules may allow two or more employees to utilize a specific work area. Where practical utilize telecommuting.
(3) Relocation: Downtown has many quality buildings for lease at substantial discounts over comparable midtown properties. Additionally, the Lower Manhattan Commercial Revitalization Program provides rent credits totaling $10.00 PSF for relocating businesses leasing space in eligible buildings.
About Cogent Realty Advisors
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to secure the right office for your business at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
