NYC Office Rent Report, Q3 2015

 NYC Office Rent Report, Q3 2015

NYC Office Rent Report, Q3 2015 was compiled using data provided by Costar, the Commercial Real Estate Information Company. 

 

In the Third Quarter of 2015, the average asking rent across all building classes (A, B & C) was $59.90 per rentable square foot. This was a 2.6% increase over the second quarter’s $58.40. Vacancy (the amount of physically vacant space) stood at 7.7% in Q3 2015, 8.0% in Q2 and 8.1% in Q1.

NYC OFFICE RENT,  SUB-MARKET ANALYSIS

 

 Biggest Leases Signed 

KCG Holding, Inc.: 168,875 RSF at 300 Vesey Street in the World Trade Center sub-market.  

LinkedIn Corporation: 124,125 RSF at the Empire State Building (350 Fifth Avenue) in the Penn Plaza/Fashion sub-market.

Ironshore Holding US Inc.: 101,958 RSF at 28 Liberty Street (One Chase Manhattan Plaza) in the Financial District sub-market.

Gucci America, Inc.: 83,964 RSF at 195 Broadway in the World Trade Center 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 the most 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.