Brooklyn, Queens and Staten Island weren't smiling at the end of 2010. While Manhattan saw positive net absorption, those three boroughs combined for a net negative absorption with the fourth quarter of 2010 being particularly bad. The vacancy rate for ...Read More
Manhattan's office space market rebounded in 2010 and the market posted positive net absorption for the first time since 2007. Net absorption is found by looking at how much space was leased compared to how much space came on the ...Read More
In the aftermath of the recession, sublease space ballooned to more than 17 million square feet in May 2009 but it is quickly declining and a lower supply of sublease space could push rents higher. Sublease space is often 20 ...Read More
General Assembly, a communal office space provider in Union Square, is now open for business but the company has not yet announced a full launch. The 16,000 square foot space will provide an environment for startups and coworkers to meet, ...Read More
A Bloomberg article recently described Manhattan's office market as a Best Buy on the day after Thanksgiving as corporations with large reserves of cash sit on the sidelines waiting for the doors to open so they can rush in and ...Read More
Crain's New York published an article this week showing why its important to have a good tenant rep. The Securities and Exchange Commission has been paying rent on space they haven't occupied in five years and as a result has ...Read More
Earlier today the Wall Street Journal reported that Google is now under contract to purchase 111 8th Avenue for the staggering sum of $1.9 Billion. The massive "carrier hotel" is a major data center for the northeast and it only ...Read More
A recent NYT article shows the shift among publishers who have begun moving from Midtown to Lower Manhattan. This is something we've been able to witness firsthand as lower rents, closer employee proximity and the chance to get new space ...Read More
Former President Bill Clinton will be staying in Harlem at a great rate as he negotiated a 10-year-lease to stay at 55 W. 125th. The price for Clinton's 8,715 square foot 14th-floor office space comes to just over $9/SF for ...Read More
There has been a lot of discussion lately regarding the condition of the downtown office market. Huge blocks of space have come online while businesses have relocated to Midtown in order to take advantage of lower rates. Relative to the ...Read More