by Joseph Armano | Oct 29, 2024 | Newsletter
Leasing activity totaled 5.47 million square feet the third quarter of 2024, 8.0% greater than the five-year quarterly average. Year to date leasing activity is up 32.0% from the prior year. The availability rate was down 80 basis points from the second quarter of...
by Joseph Armano | Aug 28, 2024 | Newsletter
New York City’s new office construction has declined for seven consecutive quarters. Contributing to this slowdown is the fact lenders have grown more risk-averse regarding the office sector, with a lack of clarity about long-term tenant demand...
by Joseph Armano | Jul 7, 2024 | Newsletter
Manhattan office leasing rebounded after a slow first quarter. Leasing for the first half of 2024 increased 8.9% from the first half of 2023. The overall availability rate decreased by 10 basis points from a quarter ago to 20.0%. The decline was due to greater demand...
by Joseph Armano | Apr 19, 2024 | Newsletter
Manhattan office leasing first quarter 2024 volume declined by 6.6% versus first quarter 2023 and 22.9% last quarter. The overall availability rate increased sixty basis points from a quarter ago to 20.1%, representing a new post pandemic peak for the market. Average...
by Joseph Armano | Mar 17, 2024 | Newsletter
Mayor Eric Adams and his administration are facilitating the conversion of New York’s unused office buildings into much-needed housing. Forty-six buildings are currently enrolled in the city’s Office Conversion Accelerator...
