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NY Q2 2021 Manhattan Office Market Report

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Manhattan’s leasing volume remained stable since the previous quarter. Meanwhile, the asking rent average decreased with negative absorption and higher availability.  

 

The arrival of the COVID-19 pandemic drove New York City’s unemployment rate from 4.2% in March 2020 to a record-high 20.2% two months later.

 

As of May 2021, New York City’s unemployment rate has been cut in half, decreasing by 10.4 pp (percentage points) to 9.8%. Additionally, New York City’s 11.6% annual private sector job growth bettered the growth nationally (at 10.4%) but was below New York State’s 13.2% annual growth.


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NY Q2 2021 Manhattan Office Market Report

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is a Senior Managing Director, Research at Colliers International. 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 New York City commercial real estate periodicals including The Real Deal and GlobeSt.com.

Franklin joined Colliers after working in CBRE's Lower Manhattan office as a Senior Research Analyst.

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Chemerie Cheng

Managing Director - Research & Consulting

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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.

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Brennan Yerman

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