At 0.79 MSF, Manhattan leasing activity in November decreased by 55.0% since the prior month. Additionally, year-over-year leasing volume was lower by nearly 80%, and November 2020 leasing was more than three-fourths below the 2019 average monthly volume (3.58 MSF). Manhattan's monthly availability rate increased - for the sixth consecutive month - by 0.6 pp (percentage points) to 13.5% - the highest since 2003 - and net sublet availability increased by 0.99 MSF. Sublet inventory accounted for 24.3% of total availability, the highest share since 2009. Monthly absorption was negative at 2.90 MSF. The average asking rent decreased by 0.8% since October to $75.56/ SF, the lowest average since June 2018. Since year-end 2019, the direct ($80.46/ SF) and sublet ($60.33/ SF) asking rents decreased by 3.7% and 3.1%, respectively.
Executive Managing Director
Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers. Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.
Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.
Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
Managing Director - Research & Consulting
With more than 20 years of experience in commercial real estate research and analyses, Ms. Cheng’s expertise includes complex database management, corporate real estate and advisory consulting.
Ongoing projects include: currently managing the Americas property portfolio for European based company; and conducting regular demographic and employee commutation analyses for Client data firms.
She was the Manager of Real Estate Analytics of Studley, Inc. While at Studley, she headed the analyses and production of the regular quarterly reports and in-depth studies of the effective rental rents for prime Class A office properties. Ms. Cheng coordinated with the local offices to develop and maintain property research databases for 15 cities, and established two new market reports as part of the company expansion.
Prior to Jones Lang LaSalle, Ms. Cheng was a Research Analyst with LaSalle Investment Management in New York City, focusing on the multifamily markets and the Northern New Jersey Industrial market.