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NYC Office Market Report, Fourth Quarter 2017 was compiled using data provided by Costar, the Commercial Real Estate Information Company.
In the fourth quarter of 2017 the average quoted rent in the NYC office market across all building classes was $65.96 per square foot. This represents a $0.26 PSF increase compared to the third quarter. The vacancy rate in the fourth quarter was 8.1%, unchanged over the previous quarter.
An analysis of the fourth quarter average quoted NYC office rent and vacancy by neighborhood is found in the table below.
Remarks: (1) The tables above list the average quoted asking rent reported to Costar. Some office buildings do not publish this information. (2) After lease negotiation the actual contract rent is usually lower. (3) Additional Tenant Incentives for leasing space in a particular building may include: (a) A rent abatement (free rent); (b) A cash contribution provided by the Landlord for the Tenant’s construction of the office premises; and (c) The Landlord’s offer to build-to-suit the office premises.
The Cornell Tech Campus at 1 Main Street on Roosevelt Island. 236,600 square feet. 57% occupied.
855 Avenue of the Americas between 30th and 31st Street. 221,720 square foot mixed use development. The commercial portion is 100% occupied by Nike and Nordstrom Rack.
5 LARGEST NYC Office CONSTRUCTION PROJECTS
There was 15,526,512 square feet of office space being constructed at year-end 2017.
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% pre-leased. Developer- Oxford Properties Group.
1 Manhattan West (400 West 33rd St.): 2,216,609 RSF. Delivery Q1 2019. 55% pre-leased. Developer- Brookfield Office Properties, Inc.
3 Hudson Boulevard (555 West 34th St.): 1,900,000 RSF. Delivery Q2 2019. 100% pre-leased. Developer- Tishman Construction
One Vanderbilt Avenue: 1,732,955 RSF. Delivery Q3 2020. 100% pre-leased. Developer- SL Green Realty Corp.
(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 to a more economical location. During the current real estate cycle many Class B and mid-block buildings have been upgraded and now provide contemporary work environments and modernized infrastructure at affordable 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 help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
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