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...
by Joseph Armano | Nov 29, 2023 | Newsletter
October 2023 leasing activity totaled 1.96 million square feet of space, 8% ahead of the 5-year average according to market sources. The availability rate was flat from last month at 19.8% but it was up 50 basis points from a year ago. The average asking rent was...
by Joseph Armano | Oct 17, 2023 | Newsletter
Manhattan office leasing totaled 6.3 million RSF (rentable square feet) in Q3 2023, 31% lower than Q2 2022 according to market sources. 2023 leasing is expected to be lower for full-year 2023 versus 2022. The overall availability rate fell 10 basis points from last...
by Joseph Armano | Aug 29, 2023 | Newsletter
Manhattan’s office leasing market remains weak. Second quarter activity was 25.2% below pre-pandemic (2105-2019) averages. Leasing in the first half of 2023 fell 12.1% from the first half of 2022. The overall availability rate increased 20 basis points from a quarter...
by Joseph Armano | Jun 13, 2023 | Newsletter
Office tenants have a new question for landlords these days, “Who’s your lender?” Turmoil in the U.S. office market, which has triggered missed loan payments and foreclosure warnings, has meant prospective tenants are now taking a closer look at the financial health...
