by Joseph Armano | Apr 14, 2021 | Newsletter
April 2021 First Quarter Market Update The New York City office market remains weak as the supply of both direct and sublet space has increased substantially and most workers remain at home. The amount of available space on a direct basis has increased by more than...
by Joseph Armano | Feb 3, 2021 | Newsletter
February, 2021The Manhattan office market weakened considerably in the fourth quarter of 2020. A rapid addition of both direct and sublease space pushed overall market availability up to 15.1%, a 400-basis point increase over the prior year according to market...
by Joseph Armano | Dec 17, 2020 | Newsletter
December 2020 The pandemic continues to devastate the New York City commercial real estate market. Leasing activity dropped to 4.7 million square feet in the third quarter of 2020, a 44.9% decline over the same quarter in 2019 according to market sources. Market...
by Joseph Armano | Oct 14, 2020 | Newsletter
October 2020 Armano Real Estate estimates only 10-12% of all New York City workers have returned to the office. This represents a moderate uptick from the 6-8% back in July. New York City’s non-essential workers were first allowed back into the...
by Joseph Armano | Aug 19, 2020 | Newsletter
AUGUST, 2020 Armano real estate has been busy modifying and terminating leases for tenants. We have been achieving occupancy cost savings in the 18% to over 80% range depending on the case and type of strategy. Safely re-occupying office space and re-positioning the...
