NYC Office Market Report, Year-End 2015

NYC Office Market Report,  Year-End 2015

NYC Office Market Report-  Year-End 2015 was compiled using data provided by Costar, the Commercial Real Estate Information Company.  

Market Snapshot

$59.58     Average quoted asking rent. 

   7.5%    Total amount of vacant space.

 

 

 

NYC OFFICE Market Comparison- 2015 & 2014

 

 

 

 

 

SUB-MARKET ANALYSIS

 

BIGGEST LEASES SIGNED 

Morgan Stanley: 260,829 RSF at 1633 Broadway in the Columbus Circle sub-market.  

The Boston Consulting Group: 193,306 RSF at 10 Hudson Yards in the Penn Plaza/Fashion sub-market.

Gensler: 119,414 RSF at 1700 Broadway in the Columbus Circle sub-market.

WeWork: 109,631 RSF at 300 Park Avenue in the Plaza District sub-market.

Sterling Equities: 83,546 RSF at 4 World Trade Center in the World Trade Center sub-market.

Indeed, Inc.: 81,225 RSF at 1120 Sixth Avenue in the Times Square sub-market.

 

 

TOP 3 UNDER-CONSTRUCTION PROJECTS

3 World Trade Center: 2,861,402 RSF.  Delivery Q1 2018. Developer-Silverstein Properties, Inc. 

30 Hudson Yards (500 West 33rd St.): 2,600,000 RSF. Delivery Q3 2019. Developer- Oxford Properties Group. 

1 Manhattan West (400 West 33rd St.): 2,300,000 RSF. Delivery Q1 2019.  Developer- Brookfield Office Properties, Inc.

 

 IDEAS FOR CONTROLLING OFFICE OVERHEAD

(1) Space Reduction and Redesign:  Businesses can reduce the size of their offices by modifying the design and paring down 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 a 10- 25% discount over comparable midtown properties. The Lower Manhattan Commercial Revitalization Program offers total rent credits of $10.00 PSF for qualifying businesses. 

 

BEST STRATEGY FOR LEASING A NYC OFFICE

Your organization can save valuable time and money when it uses Cogent Realty to find office space. By using our extensive building and Landlord database combined with current lease pricing information, Cogent will negotiate the optimal terms for you. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 15 years of experience representing NYC businesses that lease office space. Contact us today: (212) 509-4049.