Armano Real Estate February 2023 Newsletter
Overall market conditions for Manhattan were soft for the fourth quarter of 2022. Leasing activity declined 39.4% versus the prior quarter and 40.5% on a year over year basis. Overall availability rose 80 basis points to 18.8%. This is a reversal as the rate had been trending down from the cycle peak of 19.1% reached in Q1 2022.
Manhattan overall asking rents were $77.06 per square foot, an increase of 1.5% versus the prior quarter and 1.4% year over year.
Armano Real Estate is helping tenants to leverage market conditions to maximize economic value and to help meet their hybrid workspace plan and vision. We most recently have been achieving annual occupancy cost savings in the 35% to 65% range through negotiating rent reductions and implementing space optimization plans. We also have been achieving huge landlord concessions in the form of tenant improvements and free rent.
We are providing a link for case Studies for two recent transactions, The King’s College, located in the Downtown Market and Northeast Power Coordinating Council located in the Midtown Market.
Success and Case Studies PDF
Please see the below resources and feel free to contact us regarding your current real estate situation. We can explore strategies to mitigate rising rents. And we can provide a no-fee lease review and analysis and a preliminary space program to help meet your back to work plans and corporate real estate vision.
NYS Carbon Emissions
https://www.nyc.gov/site/sustainablebuildings/ll97/local-law-97.page
Sustainability – Buildings (nyc.gov)
Returning to the Office
