Market Insights

Commercial Real Estate Research and Analysis for
New York City

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Recent Reports | New York City

Market Report
Year-End 2016 Manhattan Office Market Report

Manhattan full-year leasing activity was higher year-over-year.  Leasing in 2016 not only bested 2015, it also surpassed full year leasing from eight of the last ten years.

Market Report
Year-end 2016 Manhattan Construction Market Report

There is strong demand for office space in Manhattan’s newest buildings. Transactions totaling 2.86 MSF (greater than 15,000 SF) closed in buildings built since 2010, a 61.7% increase over 2015’s 1.77 MSF.

Market Report
Year-end 2016 Midtown Office Market Report

Aside from 2015’s slightly higher 16.71 MSF, 2016’s 16.66 MSF was Midtown’s strongest full-year leasing since 2003.  Asking rents in Midtown were higher year-over-year.  Availability was up modestly while absorption was negative. 

Market Report
Year-end 2016 Midtown South Office Market Report

Midtown South’s asking rent average increased year-over-year to a new record high despite higher availability and negative absorption. Tenant demand for Midtown South space continued and leasing activity was up for the year.

Market Report
Year-end 2016 Downtown Office Market Report

Downtown ended 2016 with a new record asking rent average, tighter availability and positive absorption.  Nonetheless, Downtown leasing was weaker in 2016 than it has been in five of the last ten years. 

Market Report
Year-end 2016 Brooklyn Office Market Report

The Brooklyn office market had another noteworthy year in its evolution from an industrial/back-office submarket into Manhattan’s fourth stand-alone market alongside Midtown, Midtown South and Downtown. 

Market Report
3Q2016 Manhattan Office Market Report

The Manhattan office market closed the third quarter with record-high average asking rents, relatively steady availability and near flat absorption, quarter-over-quarter.

Market Report
3Q2016 Manhattan Construction Market Report

As of 3Q 2016, there were tenant commitments on slightly less than 20.0% of Manhattan’s 31.83 MSF pipeline of new office space, mostly in Midtown South and Hudson Yards/Manhattan West in particular.

Market Report
3Q2016 Manhattan Tech Market Report

Through August 2016, employment in New York City’s technology sector was down 3.9% from year-end 2015, compared to nearly flat growth in office sector employment. However, tech employment remains higher than at any point from 1990-2014.

Market Report
3Q2016 Downtown Office Market Report

Downtown’s asking rent average reached a new all-time high of $58.83/ SF. This nine-quarter run up in rents ties the record from 3Q 2005 - 3Q 2007. Year-over-year, the average is up 3.0%.

Market Report
2Q2016 Brooklyn Office Market Report

Availability in Colliers’ “Brooklyn 30” statistical sample was down 2.0pp (percentage points) to 21.6% in the second quarter and 2.9pp below this same point last year.

Market Report
2Q2016 Manhattan Tech Report

Manhattan’s tech sector ended 2Q 2016 with strong year to date leasing activity. Tech is on pace to finish 2016 with higher leasing volume than 2015 and a new record high.

Market Report
2Q2016 Manhattan Construction Report

As of the second quarter, there are tenant commitments for slightly more than 20.0% of Manhattan’s 35.52 MSF pipeline of new office space, with some buildings already fully leased before completion.

Market Report
1Q2016 Manhattan Construction Report

Progress continues on the 35.21 MSF pipeline of new Manhattan office inventory. Looking ahead, nearly 9% of the total is expected to be completed this year.

Market Report
1Q2016 Manhattan Tech Report

Manhattan's technology industry sector had a strong start in 2016. Despite a slight decline in employment, year-to-date leasing activity was up.

Market Report
1Q2016 Manhattan Office Market Report

The Manhattan office market began 2016 with stronger leasing activity, but higher availability and negative absorption as compared to year-end 2015.

Market Report
1Q2016 Brooklyn Office Market Report

Among the buildings in the Colliers “Brooklyn 30” statistical sample, the quarterly availability rate was up 1.7pp (percentage points) to 23.6%, but was still less than the 28.0% availability rate during 1Q 2015.

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