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NYC Office Market Report, Year-End 2016 was compiled using data provided by Costar, the Commercial Real Estate Information Company.
The average quoted rent in the NYC office market across all building classes was $65.44 per square foot with a vacancy rate of 8.10%.
Year-over-year market comparisons are found in the table below:
Costar and other industry sources report that the volume of leasing transactions in the NYC office market slowed in the second half of 2016. This suggests that there will be a correction in 2017 that results in a modest reduction in rent and (or) enhanced Tenant Incentive Programs in some sub-markets.
Major League Baseball: 380,985 RSF at 1271 Avenue of the Americas in the Columbus Circle sub-market.
Millbank, Tweed, Hadley & McCloy, LLP: 250,000 RSF at 55 Hudson Yards (550 West 34th Street) in the Penn Plaza/Fashion District sub-market.
Hogan, Lovells US, LLP: 206,720 RSF at 390 Madison Avenue in the Grand Central sub-market.
National Basketball Association: 195,563 RSF renewal at 645 Fifth Avenue in the Plaza District sub-market.
National Hockey League: 160,000 RSF at 1 Manhattan West (400 West 33rd Street) in the Penn Plaza/Fashion District sub-market.
WeWork: 122,057 RSF at Two Herald Square (47- 51 West 34th Street) in the Penn Plaza/ Fashion District sub-market.
Intercept Pharmaceuticals, Inc.: 84,888 at 55 Hudson Yards in the Penn Plaza/Fashion District sub-market.
There were 15,234,322 square feet of office space under construction at year-end 2016.
3 World Trade Center: 2,861,402 RSF. Delivery Q1 2018. 37% preleased. Developer-Silverstein Properties, Inc. There
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. 41% preleased. Developer- Brookfield Office Properties, Inc.
(1) Space Reduction and Redesign: Businesses can reduce the size of their offices by modifying the design and reducing the area occupied by each employee. Use our office space calculator to estimate your essential requirement.
(2) Flex Work, Business Centers and Telecommuting: Flexible work schedules may allow two or more employees to utilize a specific work area. Some companies use hourly or daily rentals at off-site business centers for part-time staff and conferences. Where practical utilize telecommuting.
(3) Relocation: Consider moving from a high rent building and neighborhood to a more economical one. Many Class B and mid-block buildings have been recently upgraded and provide contemporary work environments at reduced rental rates.
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.
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