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 making it difficult for...
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 program, with four already in the process of...
by Joseph Armano | Jan 17, 2024 | Newsletter
Manhattan leasing volume increased to 8.9 million square in the fourth quarter 2023, the highest mark in five quarters according to market sources. Leasing totaled 29.4 million square feet for the full year 2023, 4.7% lower than the 2022 total. The availability rate...
