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NYC Office Market Report, Second Quarter 2017 was compiled using data provided by Costar, the Commercial Real Estate Information Company.
In Q2 2017 the average quoted rent in the NYC office market across all building classes was $59.93 per square foot. This represents a $5.48 per square foot decrease compared to Q1 when rents were $65.41. Costar also reports that the volume of leasing transactions has slowed. Taken together these facts indicate a softening NYC office market that will benefit Tenants negotiating for space.
A comparison of first and second quarter NYC office market rents is found in the table below:
A detailed analysis of NYC office market rents and vacancy by neighborhood is found in the table below.
J.P. Morgan Chase & Co.: 306,000 RSF at 5 Manhattan West (450 West 33rd St.) in the Penn Plaza sub-market.
Aetna Insurance: 145,741 RSF at 61 Ninth Avenue (under construction) in the Chelsea sub-market. Note: Aetna is relocating employees from Hartford, CT where they have been headquartered for 164 years.
There were 15,532,985 square feet of office space under construction during the second quarter of 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. 41% pre-leased. Developer- Brookfield Office Properties, Inc.
3 Hudson Boulevard (555 West 34th St.): 1,900,000 RSF. Delivery Q2 2019. 0% pre-leased. Developer- Tishman Construction
One Vanderbilt Avenue: 1,732,955 RSF. Delivery Q3 2017. 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 and neighborhood 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 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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