4Q15 NEW YORK CITY OFFICE MARKET OVERVIEW

Size: px
Start display at page:

Download "4Q15 NEW YORK CITY OFFICE MARKET OVERVIEW"

Transcription

1 4Q15 NEW YORK CITY OFFICE MARKET OVERVIEW

2 4Q15 Office Market Overview New York City Table of Contents 3 Executive Summary 4 Manhattan Office Market Analysis 5 Leasing Activity by Market 6 Top Transactions 4Q15 7 Industries Driving Demand 8 Industries Driving New York City Employment 9 Industries Driving Leasing and Taking Rents 23 Manhattan Development Update 24 Commercial Development Pipeline 25 Commercial Development Horizon Map 26 World Trade Center Development Overview 27 Far West Side Development Overview 28 Midtown Development Overview 10 TAMI Taking Rent Comparison 11 TAMI Deals by Submarket 12 Manhattan Submarket Matrix 13 Overall Average Asking Rent by Market 14 Taking Rent Trends 15 Taking Rent Corridor and Submarket Comparison 16 Net Effective Rent Trends 17 Concessions by Select Submarkets for Long-Term Deals 18 Triple-Digit Taking Assets 19 Manhattan Top-Tier Trends 20 Midtown South Top-Tier Trends 29 Brooklyn and Long Island City Office Market Analysis 30 Brooklyn Office Development and Redevelopment Map 31 Brooklyn Office Development and Redevelopment Overview 32 Brooklyn Inventory Pipeline 33 Dumbo and Downtown Brooklyn Trends 34 Brooklyn Submarket Snapshot 35 Brooklyn and Long Island City Submarket Rent Comparison 36 Long Island City Trends 37 Long Island City Transformation Statistics 21 Midtown and Downtown Height Analysis 22 Midtown Asking Rents by Vintage 2

3 4Q15 Office Market Overview New York City Executive Summary Continued demand for quality office space drove Manhattan market activity in 2015, despite an overall slow-down in leasing activity. Year-end leasing outpaced the ten-year average by 3% but lagged 2014 by 13%. Manhattan asking rents jumped to $74.59/SF in the fourth quarter, up 12% from year-end 2014 and 3% above the previous market peak of The year-over-year increase was driven by landlords re-pricing assets and high-priced blocks of space coming onto the market in Midtown. In Brooklyn, new and newly repositioned assets in Dumbo and Williamsburg have pushed submarket average asking rents close to Downtown Manhattan. Midtown South has seen the fastest rate of growth in taking rents among Manhattan s major markets. As a result, the gap in rents between Midtown and Midtown South has shrunk since the prior market peak. Midtown South also recorded the highest annual volume of top-tier deals in Heightened activity in premium-priced space pushed average taking rents up for the sixth consecutive year in Midtown, while Downtown taking rents reached a new record high. Almost 14 MSF of development projects are planned and under construction in Manhattan, scheduled for completion by In Brooklyn and Long Island City, new construction and major renovations are alleviating supply constraints and creating new submarkets. 3

4 4Q15 MANHATTAN OFFICE MARKET ANALYSIS

5 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 4Q15 Manhattan Office Market Analysis Leasing Activity by Market Manhattan (MSF) MSF Year-end leasing totaled 36.2 MSF, slightly above the 10-year average of 35.2 MSF, but 13.3% below the 2014 leasing total. The fourth quarter of 2015 posted 9.6 MSF of leasing, the highest quarterly total since 3Q14. Midtown Midtown South Downtown Average Velocity 5

6 4Q15 Manhattan Office Market Analysis Top Transactions 4Q15 Company Address Market SF Lease Type Industry Morgan Stanley 1633 Broadway Midtown 260,829 Expansion FIRE Google Pier 57 Teachers Retirement System of the City of New York Midtown South 55 Water Street Downtown 200, ,000 New Direct TAMI Renewal & Expansion Boston Consulting Group 10 Hudson Yards Midtown 193,000 New Direct FIRE Professional Services Associated Press 200 Liberty Street Downtown 170,000 New Direct TAMI All of the quarter s top ten deals exceeded 100,000 square feet. TAMI tenants signed half of the top ten deals, while the remaining transactions represented a mix of industries. Midtown and Downtown captured the majority of the quarter s Indeed.com 1120 Avenue of the Americas Midtown 126,000 New Direct TAMI top transactions. Gensler 1700 Broadway Midtown 119,414 New Direct Architecture & Engineering WeWork 300 Park Avenue Midtown 110,000 Sublease TAMI NYC Department of Planning 120 Broadway Downtown 107,282 New Direct Government L3 Communication 600 Third Avenue Midtown 100,000 Renewal TAMI 6

7 4Q15 Manhattan Office Market Analysis Industries Driving Demand 2015 LEASING BY INDUSTRY TENANTS IN THE MARKET 100% 75% Other 9% Other Prof Svcs 21% Prof Svcs 8% Other 18% 14% Apparel & Retail 9% Apparel & Retail 6% Apparel & Retail 4% Prof Svcs 11% Other 18% TAMI 31% 50% TAMI 20% TAMI 64% TAMI 31% Apparel & Retail 8% TOTAL SF IN THE MARKET 25% FIRE 41% FIRE 36% Professional Services 16% 0% FIRE 8% Midtown Midtown South Downtown FIRE 28% 7

8 4Q15 Manhattan Office Market Analysis Industries Driving New York City Employment Employment by Industry 600, , , , , , ,000 20% Growth Since 1Q10 9% Growth Since 1Q10 26% Growth Since 1Q10 TAMI sector employment growth since the trough of the recession has outpaced FIRE and Professional/ Business Services. Despite this growth, TAMI employment has not yet caught up to either of the other sectors total employment. TAMI employment is currently 41% below Professional/ Business Services and 27% below FIRE. 250, Professional and Business Services Finance, Insurance, and Real Estate Tech, Advertising, Media, and Information, New York State Department of Labor 8

9 16% 20% 18% 17% $43.02 $50.92 $51.56 $51.86 $50.89 $51.34 $56.84 $53.06 $58.78 $61.04 $ % $68.64 $66.55 $63.92 $ % 29% $72.63 $69.04 $ % 34% 4Q15 Manhattan Office Market Analysis Industries Driving Leasing and Taking Rents Leasing and Taking Rents by Industry 40% Leasing by Industry $100 Taking Rents by Industry 30% $80 $60 20% $40 10% $20 0% $ TAMI Professional Services FIRE TAMI Professional Services FIRE * 2014 TAMI rent increase partially attributed to Twitter, Sony and Samsung 9

10 4Q15 Manhattan Office Market Analysis TAMI Taking Rent Comparison Proportion of Taking Rent per Square Foot for Manhattan TAMI Deals In 2010, the majority of deals (65%) 45% 40% 35% 41% 45% 40% 35% 36% were signed with taking rents in the $20s and $30s. In just five years, that shifted up to the $50s and $60s (64%). 30% 30% 28% 25% 24% 25% 20% 19% 20% 15% 15% 14% 13% 10% 9% 10% 5% 0% 3% 1% 2% 0% 1% $20's $30's $40's $50's $60's $70's $80's $90's $100's 5% 0% 4% 3% 0% 1% 1% $20's $30's $40's $50's $60's $70's $80's $90's $100's 10

11 Grand Central Times Square South Penn Station Times Square Eastside Sixth Ave/ Rockefeller Ctr Park Avenue Murray Hill Plaza District Far West Side Flatiron/Union Square Chelsea Soho/Noho Hudson Square/ Meatpacking Downtown East Downtown West Tribeca/City Hall 4Q15 Manhattan Office Market Analysis TAMI Deals by Submarket Deals Signed in MIDTOWN MIDTOWN SOUTH MIDTOWN SOUTH 11

12 Average Asking Rent ($/SF) 4Q15 Manhattan Office Market Analysis Manhattan Submarket Matrix Total Availability Rate versus Overall Average Asking Rent $ Plaza District Availability (%) Average Asking Rent ($/SF) MANHATTAN 11.30% $74.59 $74.59 $ % Noho/Soho East Village Chelsea Eastside Penn Station Park Avenue Hudson Square/Meatpacking Far West Side Westside Flatiron/Union Square Murray Hill Downtown East Sixth Avenue/Rock Ctr. Times Square Times Square South Grand Central Downtown West Tribeca/City Hall 11.3% 22.6% MIDTOWN 11.70% $80.97 Eastside 8.30% $69.67 Grand Central 17.50% $75.28 Murray Hill 9.40% $59.52 Park Avenue 9.60% $ Plaza District 13.10% $ Sixth Ave/Rock Ctr % $87.93 Times Square 11.50% $77.39 Times Square South 11.40% $59.77 Penn Station 7.30% $55.17 Westside 9.50% $68.18 Far West Side 8.20% $76.51 MIDTOWN SOUTH 7.70% $69.51 Chelsea 7.00% $60.21 Flatiron/Union Square 8.50% $67.13 Hudson Square/Meatpacking 10.70% $85.05 Noho/Soho 4.10% $64.30 East Village 1.30% $40.27 DOWNTOWN 12.70% $60.90 Tribeca/City Hall 15.90% $61.03 Downtown East 10.60% $53.29 Downtown West 14.90% $68.07 Availability (%) 12

13 4Q15 Manhattan Office Market Analysis Overall Average Asking Rent by Market $95 Prior Peak (2008) to 4Q15 Percent Change MT -9% Trough (2010) to 4Q15 Percent Change MT +42% $85 $75 $65 51% spread between MT and MTS asking rents MTS +18% DT +18% MTS +72% DT +56% 16% spread between MT and MTS asking rents $55 $45 41% spread between MT and MTS asking rents $35 $ Midtown Midtown South Downtown 13

14 4Q15 Manhattan Office Market Analysis Taking Rent Trends Average Annual Taking Rents ($/SF) Peak (2008) to 4Q15 Percent Change Trough (2010) to 4Q15 Percent Change $75 MT -3% MTS +19% MT +26% MTS +42% $72.64 DT +13% DT +27% $65.70 $65 $55 42% spread between MT and MTS taking rents 11% spread between MT and MTS taking rents $50.99 $45 $35 $ Midtown Midtown South Downtown 14

15 4Q15 Manhattan Office Market Analysis Taking Rent Corridor and Submarket Comparisons Average taking rents for direct deals with five-year terms and longer By Submarket MIDTOWN Average Base Taking Rent ($/SF) Plaza District $ Park Avenue $84.46 Sixth Ave/Rock Ctr. $82.76 Far West Side $74.79 Westside $69.41 Grand Central $66.56 Times Square $64.64 Penn Station $61.95 Eastside $61.37 Times Square South $57.43 MIDTOWN SOUTH Hudson Square/ Meatpacking $78.74 Soho/Noho $78.17 Flatiron/Union Square $66.94 Chelsea $63.06 DOWNTOWN Downtown West $59.79 Downtown East $46.38 By Corridor MIDTOWN Upper Fifth Avenue (47th - 65th Streets) Average Base Taking Rent ($/SF) $ Lexington Avenue $85.33 Avenue of the Americas $81.18 Madison Avenue $80.49 Park Avenue $76.50 Broadway $63.07 Lower Fifth Avenue (32nd - 47th Streets) $63.70 Third Avenue $61.63 MIDTOWN SOUTH Broadway $77.90 Fifth Avenue $74.55 Park Avenue South $69.24 West 20s $

16 4Q15 Manhattan Office Market Analysis Net Effective Rent Trends Average annual net effective rents for direct deals with five-year terms and longer Midtown $48.47 $50.31 $52.02 $58.34 $64.74 $64.18 Midtown South $37.13 $41.61 $43.54 $49.14 $61.27 $59.31 Downtown $32.09 $38.50 $35.90 $33.07 $38.44 $42.19 $0 $10 $20 $30 $40 $50 $60 $70 $

17 4Q15 Manhattan Office Market Analysis Concessions for Select Submarkets for Long-Term Deals Concessions benchmarked for a standard ten-year term or longer, 10K SF and larger Average Work Amount ($/SF) Free Rent (months) Sixth Avenue/Rockefeller Center $71.81 Sixth Avenue/Rockefeller Center 10 Plaza District $70.46 Hudson Square/Meatpacking 10 Park Avenue $67.50 Times Square South 9 Grand Central $64.89 Park Avenue 9 Eastside $64.12 Grand Central 9 Westside $63.07 Westside 8 Downtown East $61.00 Plaza District 8 Times Square South $60.38 Penn Station 8 Hudson Square/Meatpacking $60.20 Flatiron/Union Square 8 Penn Station $58.16 Eastside 8 Downtown West $57.15 Downtown East 8 Flatiron/Union Square $56.06 Downtown West 7 -$5 $5 $15 $25 $35 $45 $55 $65 $ Downtown Midtown South Midtown Downtown Midtown South Midtown 17

18 4Q15 Manhattan Office Market Analysis Triple-Digit Taking Assets Number of buildings that signed $100+ taking rents each year Buildings with $100+ Taking Rents In 2015 YTD 452 Fifth Avenue 640 Fifth Avenue 712 Fifth Avenue 725 Fifth Avenue 745 Fifth Avenue 767 Fifth Avenue 101 Park Avenue 280 Park Avenue 350 Park Avenue 375 Park Avenue 390 Park Avenue 400 Park Avenue 450 Park Avenue 499 Park Avenue 500 Park Avenue 11 Madison Avenue 510 Madison Avenue 535 Madison Avenue 540 Madison Avenue 590 Madison Avenue 650 Madison Avenue 667 Madison Avenue 1140 Avenue of the Americas 1177 Avenue of the Americas 1251 Avenue of the Americas 1330 Avenue of the Americas 1345 Avenue of the Americas 1370 Avenue of the Americas 601 Lexington Avenue 787 Seventh Avenue 888 Seventh Avenue 12 East 49th Street 10 East 53rd Street 65 East 55th Street 250 West 55th Street 9 West 57th Street 40 West 57th Street 51 Astor Place 770 Broadway 860 Washington Street 18

19 4Q15 Manhattan Office Market Analysis Manhattan Top-Tier Trends Number of deals signed annually with taking rents over $75/SF 250 In 2015, the number of deals over 225 $100/SF exceeded that of In 2015, about 70% of deals over $100/SF were relocations. These relocation deals averaged 10,937 square feet The remaining 30% were renewals and expansions, which averaged 49,631 square feet Taking Rents Over $75/SF TAMI Other Prof Svcs $ $99.99 $ $ $125 FIRE 19

20 4Q15 Manhattan Office Market Analysis Midtown South Top-Tier Trends Number of deals signed annually with taking rents over $60/SF 125 The top-tier of Midtown South continued to grow in In total, deals with taking rents over $60/SF were signed in 2015, the highest volume in the 75 market s history. The depth of this market becomes thinner for deals with taking rents over $85/SF. In 2015, deals over $60/SF average ,447 square feet. About 77% were relocations, while 23% were renewals and/or expansions. $60.00-$84.99 $

21 4Q15 Manhattan Office Market Analysis Midtown and Downtown Height Analysis 2015 Average Taking Rents by Floor Height Downtown MIDTOWN MIDTOWN TROPHY Tower Floors 30+: $55.80/SF Tower Floors 30+: $89.85/SF Tower Floors 30+: $119.32/SF Mid-Rise Floors 16-30: $46.49/SF Mid-Rise Floors 16-30: $73.27/SF Mid-Rise Floors 16-30: $102.96/SF Base Floors 2-15: $45.26/SF Base Floors 2-15: $62.17/SF Base Floors 2-15: $96.71/SF 21

22 4Q15 Manhattan Office Market Analysis Midtown Asking Rents by Vintage Average Asking Rent by Decade of Construction ($/SF) Pre $59.76 $78.19 $83.27 $84.89 $82.34 $91.48 $ $ Select Buildings with Current Availability 350 Fifth Ave 1271 AofA 767 Fifth Ave 9 57th St W 590 Madison Ave 4 Times Sq 1 Bryant Park 1 Manhattan West 30 Rockefeller Plz 150 East 42nd St 200 Park Ave 1251 AofA 101 Park Ave 450 Lexington Ave 7 Times Sq 425 Park Ave 230 Park Ave 375 Park Ave 1345 AofA 1221 AofA 520 Madison Ave 712 Fifth Ave 222 East 41st St 55 Hudson Yards 237 Park Ave 380 Madison Ave 277 Park Ave 1633 Broadway 599 Lexington Ave 1177 AofA 11 Times Sq 420 Lexington Ave 666 Fifth Ave 399 Park Ave 601 Lexington Ave 65 East 55th St 420 Fifth Ave 250 West 55th St 405 Lexington Ave 650 Madison Ave 245 Park Ave 1211 AofA 1540 Broadway 152 West 57th St 390 Madison Ave 220 East 42nd St 1407 Broadway 1290 AofA 1 Penn Plz 335 Madison Ave 110 East 60th St 1045 AofA 60 East 42nd St 100 Park Ave 1301 AofA 1114 AofA 12 East 49th St 546 Fifth Ave 55 West 46th Str 75 Rockefeller Plz 300 Park Ave 280 Park Ave 1095 AofA 1675 Broadway 693 Fifth Ave 1 Park Ave 660 Madison Ave 450 West 33rd St 1133 AofA 1155 AofA 110 East 55th St 1400 Broadway 575 Lexington Ave 299 Park Ave 40 West 57th St 1325 AofA 22

23 4Q15 MANHATTAN DEVELOPMENT UPDATE

24 TBD Manhattan Development Update Commercial Development Pipeline Manhattan (MSF) Washington Street 1 WTC Bryant Park Hudson Yards 860 Washington Street 430 West 15th Street 510 West 22nd Street Madison Avenue 55 Hudson Yards WTC 425 Park Avenue Manhattan West 30 Hudson Yards 2020 One Vanderbilt Avenue TBD 50 Hudson Yards 2 WTC 2 Manhattan West 3 Hudson Boulevard Tishman Speyer Tower Madison Avenue 6 New Construction 84.2 MSF Expected Delivery 13.8 MSF Potential Delivery 12.7 MSF

25 3Q14 Manhattan Development Update FAR WEST SIDE 4b 66 HUDSON BOULEVARD d 3c 3a 7 BRYANT PARK MANHATTAN WEST 3b 3 HUDSON BOULEVARD MADISON AVENUE 4a 2 4a 425 PARK AVENUE 4b 450 WEST 33rd STREET 5 ONE VANDERBILT AVENUE 2 3a 390 MADISON AVENUE 55 HUDSON YARDS 3b 1 3d 3c Retail space 10, 30 & 50 HUDSON YARDS WORLD TRADE CENTER AND DOWNTOWN 2 WTC 1 1 WTC Memorial WTC 4 WTC WTC Transportation Hub

26 4Q15 Manhattan Development Update WORLD TRADE CENTER PORT AUTHORITY OF NY/NJ, DURST 1 World Trade Center 2 World Trade Center SILVERSTEIN PROPERTIES 3 World Trade Center World Trade Center ,000,000 SF 2,800,000 SF 2,500,000 SF 2,300,000 SF 6 7 4Q 2014 TBD (2020 pending completed deal with anchor) Completed Planned Under Construction Completed stories +80 stories 80 stories 72 stories Signed Condé Nast, Moody s, High 5 Games, xad, and others News Corp. & 21st Century Fox signed an LOI Signed GroupM Signed MediaMath, Morningstar, IEX, and public sector tenants 4 INFRASTRUCTURE AND AMENITIES WTC Retail at 5 Fulton Center 6 7 Transportation 8 Brookfield Place Hub Westfield World Trade Retail Completed Completed Under Construction Under Construction Transit hub for nine subway lines serving 300,000 daily riders 200,000 SF of shopping and dining, completed in phases from Calatrava-designed transit hub for the NJ PATH and retail 365,000 SF of retail in towers 3, 4, concourses, and the WTC Transportation Hub 26

27 4Q15 Manhattan Development Update FAR WEST SIDE Rendering not yet available THE RELATED COMPANIES 10 Hudson Yards BROOKFIELD PROPERTIES, QIA 5 Manhattan West 450 West 33rd St MITSUI FUDOSAN, OXFORD, RELATED 55 Hudson Yards THE RELATED COMPANIES 30 Hudson Yards BROOKFIELD PROPERTIES, QIA 1 Manhattan West BROOKFIELD PROPERTIES, QIA 2 Manhattan West MOINIAN GROUP 3 Hudson Boulevard TISHMAN SPEYER 66 Hudson Boulevard 9 THE RELATED COMPANIES 50 Hudson Yards 1,700,000 SF 1,800,000 SF 1,300,000 SF 2,600,000 SF 2,100,000 SF 2,100,000 SF 1,800,000 SF 2,850,000 SF 2,300,000 SF (Renovation) TBD TBD (2019 pending anchor tenant) TBD (2020 pending anchor tenant) Under Construction Planned Under Construction Under Construction Planned Planned Planned Planned Planned 52 stories 16 stories 50 stories 90 stories 67 stories 67 stories each 66 stories 70 stories 62 stories Signed Coach, L Oréal, SAP, VaynerMedia Signed Chase Digital Media Signed Boies, Schiller & Flexner INFRASTRUCTURE AND AMENITIES Tenants include Time Warner, HBO, CNN, Warner Bros., KKR Signed Skadden Arps Mixed-use development possible Mixed-use development possible 7 8 Project in early stages of planning TBD Project in early stages of planning 7 Train Extension to 34th Street East Platform Over Rail Yards 15 Hudson Yards: Residential 35 Hudson Yards: Residential, Hotel, Retail 3 9 Completed 2018 TBD TBD Under Construction Under Construction Planned Mixed-use development possible

28 Fifth Avenue Second Avenue 4Q15 Manhattan Development Update MIDTOWN 59th Street Rendering not yet available Rendering not yet available 3 BANK OF CHINA 7 Bryant Park L&L HOLDING, RREEF 390 Madison Avenue L&L HOLDING COMPANY 425 Park Avenue SL GREEN One Vanderbilt Avenue MTA Madison Ave MILSTEIN PROPERTIES 335 Madison Avenue 470,521 SF 1,000,000 SF 670,000 SF 1,800,000 SF 900,000 SF max 1,800,000 SF max TBD TBD Completed Renovation Under Construction Planned Proposed Proposed 6 30 stories 32 stories 47 stories 65 stories NA NA Bank of China will occupy 40% of the building L&L will restack the building to alter height and bulk Owners finalizing a deal with Citadel EAST MIDTOWN REZONING Signed TD Bank. Demolition planned for 2016 Owner seeking a developer Owner considering redevelopment for office or hotel use INFRASTRUCTURE 2 The Vanderbilt Corridor The City approved rezoning of the Vanderbilt Corridor including zoning applications for One Vanderbilt. The initiative will increase the potential for office development in exchange for public improvements and TDRs. The City approved zoning applications (ULURP) in May Greater East Midtown The City is also exploring a more comprehensive rezoning of Greater East Midtown. A stakeholder committee developed a set of principles that will shape the rezoning effort. Stakeholder committee recommendations were released in Rezoning is expected in Second Avenue Subway- Phase I LIRR East Side Access Construction Phase I runs from 96th to 63rd Street Construction Connects the LIRR to Grand Central , NYC Department of City Planning 37th Street 28

29 4Q15 BROOKLYN AND LONG ISLAND CITY OFFICE MARKET ANALYSIS

30 4Q15 Brooklyn Office Development and Redevelopment 25 Kent Avenue Domino Sugar Factory 87 Wythe Ave 10 Jay Street Williamsburg 68 Ferris Street Empire Stores Dumbo Dumbo Heights 420 Albee Square 41 Flatbush Avenue Building 3 Navy Yard Building 77 Dock Hall Street 29 Ryerson Street GMC Building Johnson Avenue 215 N. Moore Street Bushwick 121 Morgan Avenue 455 Jefferson Street Third Avenue 95 Evergreen Ave Industry City Sunset Park Liberty View 850 Third Avenue Sunset Park Dumbo Navy Yard Williamsburg Whale Square Bushwick Other Projects 30

31 4Q15 Brooklyn Office Development and Redevelopment Overview Submarket Owner/ Developer Building Address Size (SF) Year Open Project Type Status Anchor Tenants Jamestown Prop, Belvedere Cap, Angelo Gordon Industry City 32nd to 41st St. SUNSET PARK Madison Realty Capital Whale Square 14 53rd St. Salmar Properties, NYC IDA Liberty View 850 Third Ave 6,000, ,416 1,240,000 In phases starting 2015 Redevelopment Redevelopment Redevelopment Underway Planned Completed Time, Inc., MakerBot, Brooklyn Nets Building to be re-tenanted Bed Bath Beyond DUMBO Kushner Companies, LIVWRK, RFR Realty Dumbo Heights 117 Adams St. 77 Sands St. 55 Prospect St. 81 Prospect St. 175 Pearl St. Midtown Equities Empire Stores 55 Water St. Triangle Assets 10 Jay St. 184, , ,000 95, , , , Redevelopment Redevelopment Redevelopment Redevelopment Redevelopment Redevelopment New Construction Completed Completed Completed Completed Completed Competed Underway Etsy Alexis Bittar Frog Design WeWork Seeking an anchor tenant West Elm Seeking an anchor tenant OTHER PROJECTS 420 Albee Square Downtown Brooklyn 400,000 SF JEMB Realty 422 Fulton Street Downtown Brooklyn Size TBD Tishman Speyer 47 Hall Street Clinton Hill 650,000 SF RXR, Westbrook Partners 29 Ryerson Street Clinton Hill 215,000 SF Madison Realty Capital 68 Ferris Street Red Hook 1,200,000 Estate Four 41 Flatbush Avenue Fort Greene 225,000 SF Quinian Dev Group, BLT NAVY YARDS WILLIAMSBURG BUSHWICK Rendering not yet available Rendering not yet available Brooklyn Navy Yard Development Corp. GMC Building 128 Boston Properties, Rudin Management Building 77 Building 3 Dock ,000 1,100, , , Redevelopment Redevelopment Redevelopment New Construction Underway Underway Planned Planned Heritage Equity 25 Kent Avenue Two Trees Management Domino Sugar Factory Cayuga Capital 87 Wythe Avenue 400, ,000 (max) 100, TBD 2017 New Construction Redevelopment New Construction Planned Planned Planned Normandy, Royalton, Sciame 333 Johnson Avenue Heritage Equity 215 N. Moore St. Savanna, Hornig Capital 95 Evergreen Avenue Princeton Holdings, Bruman Realty 121 Morgan Avenue Lincoln Property Group 455 Jefferson Street 285,000 SF 170, , , , TBD 2016 Redevelopment TBD Redevelopment Redevelopment Redevelopment Planned Planned Planned Planned Planned 31

32 4Q15 Brooklyn Office Development and Redevelopment Brooklyn Inventory Pipeline DOWNTOWN BROOKLYN SUNSET PARK DUMBO NAVY YARD WILLIAMSBURG/ BUSHWICK 2013 Inventory 15,985,404 6,000,000 3,254,111 2,875,330 1,532,155 Current Inventory 15,861,856 6,405,416 3,841,808 2,875,330 1,576,449 Projected Inventory Through ,086,856 6,405,416 3,841,808 3,550,330 3,107,401 Inventory Differential , , , ,000 1,575, % SF DIFFERENCE % SF DIFFERENCE % SF DIFFERENCE % SF DIFFERENCE % SF DIFFERENCE

33 4Q15 Brooklyn and Long Island City Office Market Analysis Dumbo and Downtown Brooklyn Trends Overall Average Asking Rent and Availability $55 $50 $45 $40 $35 $30 $25 12% 10% 8% 6% 4% Average asking rents reached $51.99/SF in the fourth quarter, up 19% from last quarter. The increase was driven by the addition of a highpriced block of space at 55 Water Street (Empire Stores). In 2015, Frog Design, a division of Time, Inc., and Milk Studios signed deals to relocate to Brooklyn from Manhattan, joining NADAP and Paycom in an early trend of Manhattan-based tenants moving to or expanding in the borough. $20 2% 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 Average Asking Rent (Price/SF) Availability (%) 33

34 4Q15 Brooklyn and Long Island City Office Market Analysis Brooklyn Submarket Snapshot Upper New York Bay Bay Ridge Fort Hamilton Lower New York Bay Red Hook DUMBO BK Heights Cobble Hill Sunset Park Borough Park Dyker Heights Sea Gate Bath Beach Navy Yard Clinton Hill Fort Greene Park Slope Prospect Heights Prospect Park Windsor Terrace Kensington Bensonhurst Gravesend Coney Island Brighton Beach Greenpoint Williamsburg Bushwick Prospect Park South Flatbush Midwood Bedford Stuyvesant Crown Heights Lefferts Gardens Sheepshead Bay Manhattan Beach East Flatbush Marine Park Flatlands Brownsville BK Marine Park Gerritsen Beach Canarsie Bergen Beach Mill Basin Barren Island Cypress Hills East New York Jamaica Bay DOWNTOWN BROOKLYN Total Inventory: 15,861,856 SF Availability Rate: 2.5% Average Asking Rent, Prime Assets: $45.85/SF Average Asking Rent, Standard Assets: $40.27/SF YTD Absorption: 72,774 SF Recent Significant Transaction: WeWork signed 76,580 square feet at 195 Montague Street in the fourth quarter, establishing its third location Brooklyn. DUMBO Total Inventory: 3,841,808 SF Availability Rate: 21.8% Average Asking Rent, Prime Assets: $55.53/SF Average Asking Rent, Standard Assets: $33.88/SF YTD Absorption: 10,419 SF Recent Significant Transaction: Design consulting firm, Frog Design signed for 27,000 square feet at 55 Prospect Street, moving from Manhattan. The Empire Stores at 55 Water Street represented a record high weighted average asking rent of $69.52/SF. SUNSET PARK Total Inventory: 6,405,416 SF Direct Average Asking Rent: $27.50/SF Recent Significant Transaction: Design agency Raison Pure International signed 14,308 square feet for 10 years at Industry City. BROOKLYN NAVY YARD Total Inventory: 2,875,330 SF Direct Average Asking Rent: $37.00/SF Recent Significant Transaction: Eight fashion and creative tenants signed leases at the Navy Yard in 2015, taking a total 36,387 square feet. Developers of Dock 72 (new supply due in 2018) are asking top Brooklyn rents, which will push the submarket average up when added to the market. WILLIAMSBURG / BUSHWICK Total Inventory: 1,576,449 SF Availability Rate: 20.7% Direct Average Asking Rent: $51.62/SF YTD Absorption: 16,912 SF Recent Significant Transaction: Adidas announced plans to sign 20,000 square feet above Brooklyn Brewery at 118 N. 11th Street to house its design studio. Prime Assets are Class A and newly repositioned space. Standard Assets are all other office inventory. 34

35 4Q15 Brooklyn and Long Island City Office Market Analysis Brooklyn and Long Island City Submarket Rent Comparison Average Asking Rents ($/SF) $90 $80 $80.97 Tenants making a value play from Midtown South and Downtown into $70 $69.51 Brooklyn s prime assets in Dumbo find a shallow rent reduction, with $60 $50 $45.85 $51.62 $55.53 $60.90 asking rents for prime Dumbo assets $5.37/SF lower than Downtown. $40 $37.00 $37.25 Long Island City offers proximity to $30 $27.50 Midtown at a fraction of the cost. $20 $10 $0 Sunset Park Prime Brooklyn Navy Yard Prime Long Island City Prime Downtown Brooklyn Prime Williamsburg / Bushwick Prime Dumbo Prime Downtown Manhattan Overall Midtown South Overall Midtown Overall Prime Assets are Class A and newly repositioned space. Standard Assets are all other office inventory. 35

36 4Q15 Brooklyn and Long Island City Office Market Analysis Long Island City Trends Overall Average Asking Rent and Availability $35 $30 20% 16% Premium-priced conversion space pushed asking rents to an all-time high of $34.28/SF, up from $32.90/SF the prior quarter and $30.21/SF the same time last year. $25 $20 $15 12% 8% 4% Prime buildings continued to attract tenants this quarter, with Uber leasing 22,000 SF at The Falchi Building and Polo Ralph Lauren taking 18,987 SF at the Factory Building. $10 0% 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 Average Asking Rent (Price/SF) Availability (%) 36

37 4Q15 Brooklyn and Long Island City Office Market Analysis Long Island City Transformation Statistics 8 subway lines and the Long Island Rail Road serve Long Island City. There are 4.9 million workers within a 60-minute commute of Court Square, exceeding Fulton Center (4.4 million) and Union Square (4.5 million), and comparable to Penn Station and Grand Central (5 million each). ACCESS TO WORKERS RESIDENTIAL GROWTH 34,500 residents live in Long Island City, up 18% in the last 5 years. There are 22,500 new residential units in the construction pipeline. Millennials comprise 27% of Long Island City population, a greater percentage than Manhattan (21%), and New York City (17%). 23% of total office inventory (2.5 MSF) has been repositioned in the last 3 years. Another office and retail project totaling 595,000 SF is under construction, scheduled for delivery in IMPROVED OFFICE INVENTORY AMENITIES 26 new hotels are in the construction pipeline. There has been a recent increase in retail amenities, including coffee houses, gourmet restaurants and nightlife options. Long Island City includes major cultural institutions like MoMA PS1 and Socrates Sculpture Park., Regional Plan Association, Long Island City Partnership, US Census Bureau, ESRI 37

38 North America Latin America Africa New York City Canada Argentina Botswana HEADQUARTERS United States Brazil Kenya 125 Park Avenue New York, NY Europe Austria Chile Colombia Costa Rica Malawi Nigeria South Africa Belgium Dominican Republic Tanzania Jonathan Mazur Managing Director, Research Czech Republic France Germany Ireland Mexico Peru Puerto Rico Uganda Zambia Zimbabwe Stephanie Jennings Tri-State Director, Research David Chase Senior Research Analyst Italy Netherlands Poland Portugal Romania Russia Asia-Pacific Australia Cambodia China Hong Kong India Middle East Saudi Arabia United Arab Emirates Alex Schwartz Research Analyst Spain Switzerland Indonesia Japan Edward Son Senior Research Analyst Ronnie Wagner Director, Research United Kingdom Malaysia New Zealand Singapore South Korea Taiwan Robert Zindman Research Analyst Thailand Newmark Grubb Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and refinement in our data, there may be adjustments in historical statistics including availability, asking rents, absorption and effective rents. Newmark Grubb Knight Frank Research Reports are also available at All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Grubb Knight Frank (NGKF) has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of NGKF. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of NGKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains.

3Q15 NEW YORK CITY OFFICE MARKET OVERVIEW

3Q15 NEW YORK CITY OFFICE MARKET OVERVIEW 3Q15 NEW YORK CITY OFFICE MARKET OVERVIEW 3Q15 Office Market Overview New York City Table of Contents 3 Executive Summary 4 Manhattan Office Market Analysis 5 Leasing Activity by Market 6 Top Transactions

More information

4Q16 NEW YORK CITY OFFICE MARKET OVERVIEW

4Q16 NEW YORK CITY OFFICE MARKET OVERVIEW 4Q16 NEW YORK CITY OFFICE MARKET OVERVIEW TABLE OF CONTENTS 3 Executive Summary 4 Manhattan Office Market Overview 5 Leasing Activity by Market 6 Renewals versus Relocations 7 Industries Driving Demand

More information

G A T E S A V E N U E

G A T E S A V E N U E 1010-1012 G A T E S A V E N U E B R O O K L Y N, N Y C O N F I D E N T I A L I T Y & C O N D I T I O N S NKF Capital Markets, a division of Newmark & Company Real Estate Inc. d/b/a Newmark Knight Frank

More information

The Texas Office Market:

The Texas Office Market: The Texas Office Market: Through the Eyes of the Sublease Market February 2017 In Millions The Texas Office Market An office market can be analyzed from many different viewpoints, but the number one rule

More information

BROOKLYN RESIDENTIAL MARKET REPORT

BROOKLYN RESIDENTIAL MARKET REPORT 2017 SECOND BROOKLYN RESIDENTIAL MARKET REPORT QUARTER Data Highlights Cover Property: halstead.com WEB# 13291164 While down from last quarter s record $947,732, the average apartment price in Brooklyn

More information

th Street Washington, DC

th Street Washington, DC 1735 20 th Street Washington, DC OFFERING MEMORANDUM Building for Sale Dupont Circle CONTENTS Offering Terms 3 Executive Summary.4 Property Summary. 6 Floor Plans.. 7 Zoning Map. 12 Location Overview...

More information

BROOKLYN RESIDENTIAL MARKET REPORT

BROOKLYN RESIDENTIAL MARKET REPORT 2017 THIRD BROOKLYN RESIDENTIAL MARKET REPORT QUARTER Data Highlights Cover Property: halstead.com WEB# 15453135 The average apartment price fell for the second straight quarter in Brooklyn, but remained

More information

OUR GLOBAL FOOTPRINT INDEPENDENT, INTERNATIONAL, COMMERCIAL, RESIDENTIAL. Locally expert, globally connected.

OUR GLOBAL FOOTPRINT INDEPENDENT, INTERNATIONAL, COMMERCIAL, RESIDENTIAL. Locally expert, globally connected. OUR GLOBAL FOOTPRINT INDEPENDENT, INTERNATIONAL, COMMERCIAL, RESIDENTIAL. Locally expert, globally connected. ABOUT THE GROUP THERE S A HUMAN ELEMENT IN THE WORLD OF PROPERTY THAT IS TOO EASILY OVERLOOKED.

More information

Third Quarter 2018 Market Report Brooklyn Residential

Third Quarter 2018 Market Report Brooklyn Residential Market Report Brooklyn Residential Data Highlights Cover Property: halstead.com WEB# 18921216# The median apartment price fell 3% in Brooklyn over the past year. Co-op prices rose in Brooklyn, while condo

More information

Fourth Quarter 2018 Market Report Brooklyn Residential

Fourth Quarter 2018 Market Report Brooklyn Residential Market Report Brooklyn Residential Data Highlights Cover Property: BrownHarrisStevens.com WEB# 19024015 The average apartment price in Brooklyn was slightly lower than a year ago. Prices were higher over

More information

Savills Studley Insights

Savills Studley Insights Savills Studley Research Savills Studley Insights Re-Thinking Third Avenue We compare the available stock of office space along Third Avenue versus the availability of space within the balance of the Grand

More information

Fourth Quarter 2017 BROOKLYN RESIDENTIAL MARKET REPORT

Fourth Quarter 2017 BROOKLYN RESIDENTIAL MARKET REPORT Fourth Quarter 2017 BROOKLYN RESIDENTIAL MARKET REPORT Data Highlights Cover Property: BrownHarrisStevens.com WEB# 16254860 The average apartment price fell 5% in Brooklyn from a year ago, as buyers favored

More information

BROOKLYN RESIDENTIAL MARKET REPORT

BROOKLYN RESIDENTIAL MARKET REPORT 2016 THIRD BROOKLYN RESIDENTIAL MARKET REPORT QUARTER Data Highlights Cover Property: halstead.com WEB# 15363401 Apartment prices reached new records, fueled by a surge of luxury new development closings

More information

Third Quarter 2018 Market Report Brooklyn Residential

Third Quarter 2018 Market Report Brooklyn Residential Market Report Brooklyn Residential Data Highlights Cover Property: BrownHarrisStevens.com WEB# 18360052 The median apartment price fell 3% in Brooklyn over the past year. Co-op prices rose in Brooklyn,

More information

Second Quarter 2018 Market Report Brooklyn Residential

Second Quarter 2018 Market Report Brooklyn Residential Market Report Brooklyn Residential Data Highlights Cover Property: BrownHarrisStevens.com WEB# 18689997 Brooklyn apartment prices averaged $869,587 in the second quarter, 4% less than a year ago. New development

More information

Student Property Global Contacts. Connecting people & property, perfectly.

Student Property Global Contacts. Connecting people & property, perfectly. Student Property Global Contacts. Connecting people & property, perfectly. Global Contacts Europe Asia PAC James Pullan Partner, Department Head +44 207 861 5422 james.pullan@knightfrank.com Emily Fell

More information

2nd Quarter Flatbush Fort Greene Brooklyn. A comprehensive analysis of the residential real estate market in Brooklyn.

2nd Quarter Flatbush Fort Greene Brooklyn. A comprehensive analysis of the residential real estate market in Brooklyn. Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton

More information

First Quarter 2016 BROOKLYN RESIDENTIAL MARKET REPORT

First Quarter 2016 BROOKLYN RESIDENTIAL MARKET REPORT First Quarter 2016 BROOKLYN RESIDENTIAL MARKET REPORT Data Highlights Cover Property: BrownHarrisStevens.com WEB# 14381790 Apartment prices averaged 5% more than a year ago BrownHarrisStevens.com WEB#

More information

THE OFFICE MARKET REPORT LEE NYC

THE OFFICE MARKET REPORT LEE NYC THE OFFICE MARKET REPORT LEE NYC NEW YORK OFFICE 3Q218 W EST SIDE HIG HWAY 1 1TH AV E FDR DRIVE SUBMARKETS 12TH AVE MIDTOWN WEST W 57TH ST 1TH AVE 1TH AVE W 49TH ST W 42ND ST W 65TH ST TIMES SQUARE ROCKEFELLER

More information

3rd Quarter Flatbush Fort Greene Brooklyn. A comprehensive analysis of the residential real estate market in Brooklyn.

3rd Quarter Flatbush Fort Greene Brooklyn. A comprehensive analysis of the residential real estate market in Brooklyn. Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace The Corcoran Report Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll

More information

KEY TOWER SALE highlights start of 2017

KEY TOWER SALE highlights start of 2017 KEY TOWER SALE highlights start of 2017 Demand for office space in the Greater Cleveland office market remained strong as 2016 wound down and transitioned into the first quarter of 2017. After netting

More information

Student Property European Contacts. Connecting people & property, perfectly.

Student Property European Contacts. Connecting people & property, perfectly. Student Property European Contacts. Connecting people & property, perfectly. Student Property European Contacts Overview United Kingdom At Knight Frank we build long-term relationships, which allow us

More information

60 Portland Road West Conshohocken, PA 19428

60 Portland Road West Conshohocken, PA 19428 West Conshohocken, PA 19428 For Sale: 52,000 ± SF Industrial Building on 3 ± Acres As exclusive agents, we are pleased to offer the following property for sale: Up to 90% Financing Available through the

More information

Monthly Market Update

Monthly Market Update Monthly Market Update December 2015 New York City Office Outlook August 2016 M A N H A T T A N Class A Asking Rents M A N H A T T A N Class A Vacancy Rates $100.00 Jul-14 Jul-15 Jul-16 20.0% Jul-14 Jul-15

More information

MARKET REPORT. Manhattan Office Sector Continues Recovery as Downtown Breaks Record MANHATTAN SNAPSHOT 4.2% 0.8PP 1.98MM SF MANHATTAN OFFICE

MARKET REPORT. Manhattan Office Sector Continues Recovery as Downtown Breaks Record MANHATTAN SNAPSHOT 4.2% 0.8PP 1.98MM SF MANHATTAN OFFICE 3Q 2014 OFFICE MANHATTAN OFFICE MARKET REPORT MANHATTAN Leasing ACTIVITY Availability RATE ABSORPTION 4.2% 0.8PP Asking RENTS 2.3% Note: Compared to 2Q 2014 Statistics 1.98MM SF Manhattan Office Sector

More information

Leasing strength concentrated in new assets

Leasing strength concentrated in new assets MARKETVIEW Midtown Manhattan Office, Q4 216 Leasing strength concentrated in new assets Leasing Activity 4.25 MSF Net Absorption.62 MSF Availability Rate 11.8% Vacancy Rate 7.9% Average Asking Rent $8.18

More information

Quarterly Market Report Q3 2015

Quarterly Market Report Q3 2015 Quarterly Market Report Q3 05 Welcome to the StreetEasy Quarterly Market Report We re pleased to present our Quarterly Market Report, powered by New York City s largest and most comprehensive database

More information

Research. New product, high rents CLEVELAND 1Q16 INDUSTRIAL MARKET. Current Conditions

Research. New product, high rents CLEVELAND 1Q16 INDUSTRIAL MARKET. Current Conditions New product, high rents The Greater Cleveland industrial market absorbed 556,046 square feet in the first quarter of 2016, the 14th consecutive quarter of positive tenancy gains for the market. The positive

More information

Monthly Market Update

Monthly Market Update Monthly Market Update December 2015 New York City Office Outlook February 2016 M A N H A T T A N Class A Asking Rents M A N H A T T A N Class A Vacancy Rates $100.00 Jan-14 Jan-15 Jan-16 20.0% Jan-14 Jan-15

More information

Brooklyn: The Bridge to the Future MARKETING REPORT Q North Brooklyn Brooklyn Tech Triangle South of Atlantic Ave. The What The Why The Result

Brooklyn: The Bridge to the Future MARKETING REPORT Q North Brooklyn Brooklyn Tech Triangle South of Atlantic Ave. The What The Why The Result Brooklyn Office and Residential Development North Brooklyn Brooklyn Tech Triangle South of Atlantic Ave The What The Why The Result MARKETING REPORT Q1 2016 Brooklyn: The Bridge to the Future TABLE OF

More information

Market Overview New York Capital Markets

Market Overview New York Capital Markets Accelerating success. Market Overview New York Capital Markets Market Snapshot Market Snapshot - Manhattan Capital Markets - Manhattan Leasing Market 2 Overview Near Record Activity Continues in 2016:

More information

Research. Buenos Aires Becomes More Attractive BUENOS AIRES 1Q15 OFFICE MARKET. Current Conditions

Research. Buenos Aires Becomes More Attractive BUENOS AIRES 1Q15 OFFICE MARKET. Current Conditions Buenos Aires Becomes More Attractive Vacancy Rate and Average Asking Rent Remain Stable Buenos Aires remains Argentina s largest office market with nearly 18.2 million square feet of total stock and 11.4

More information

Research KANSAS CITY 3Q17 INDUSTRIAL MARKET. Current Conditions

Research KANSAS CITY 3Q17 INDUSTRIAL MARKET. Current Conditions 4.6 Million Square feet of Net Absorption YEAR TO-DATE The Kansas City industrial market continued its strong growth into the third quarter of 2017, as 1.6 million square feet of net absorption was posted.

More information

OUR TRACK RECORD EUROPEAN VALUATIONS

OUR TRACK RECORD EUROPEAN VALUATIONS OUR TRACK RECORD EUROPEAN VALUATIONS WELCOME Our brochure provides an overview of Knight Frank European Valuations coverage, services, track record and key personnel. We have invested in the expansion

More information

Strong year continues with high-profile leasing; rents remain flat as new and returning space looms 10.0% 5.0%

Strong year continues with high-profile leasing; rents remain flat as new and returning space looms 10.0% 5.0% $ PSF Office May 2017 New York Monthly Market Update Strong year continues with high-profile leasing; rents remain flat as new and returning space looms Manhattan Class A asking rents Manhattan Class A

More information

Monthly Market Update

Monthly Market Update Monthly Market Update December 2015 New York City Office Outlook June 2016 M A N H A T T A N Class A Asking Rents M A N H A T T A N Class A Vacancy Rates $100.00 May-14 May-15 May-16 20.0% May-14 May-15

More information

New Development Report

New Development Report New Development Report 2018 First Quarter MANHATTAN $ 2,513 $ 2,185 $ 2,152 3.7% YoY PER SQ. FT. ACTIVE PER SQ. FT. CONTRACT SIGNED PER SQ. FT. CLOSED 1% YoY 4.1% YoY BROOKLYN $ 1,475 PER SQ. FT. ACTIVE

More information

>> Hollywood Market Activity Flattens

>> Hollywood Market Activity Flattens Research & Forecast Report Central Los Angeles OFFICE Q2 216 Accelerating success. >> Hollywood Market Activity Flattens Key Takeaways > There is currently 533,6 square feet () of office product under

More information

CAPABILITY STATEMENT. Knight Frank Poland

CAPABILITY STATEMENT. Knight Frank Poland CAPABILITY STATEMENT Knight Frank Poland CONTENTS Knight Frank worldwide Knight Frank in Poland Scope of services Milestones Asset Management Capital Markets Commercial Agency Market Research Property

More information

The Corcoran Report 4Q 2018 BROOKLYN

The Corcoran Report 4Q 2018 BROOKLYN The Corcoran Report 4Q 218 BROOKLYN 4Q218 BROOKLYN 2 Overview Closed Sales 1,47-6 YEAR OVER YEAR -7 QUARTER OVER QUARTER Closed sales dipped relative to last year, yet Fourth Quarter 218 was the second

More information

HONG KONG PRIME OFFICE Monthly Report

HONG KONG PRIME OFFICE Monthly Report RESEARCH February 2011 HONG KONG PRIME OFFICE Monthly Report RENTS TO SURPASS 2008 PEAKS BY YEAR-END Players in Hong Kong's office leasing market started the game of 'musical chairs' again at the beginning

More information

Brooklyn Rental Market Report September 2015 mns.com

Brooklyn Rental Market Report September 2015 mns.com Brooklyn Rental Market Report September 2015 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

Brooklyn Rental Market Report July 2015 mns.com

Brooklyn Rental Market Report July 2015 mns.com Brooklyn Rental Market Report July 2015 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

HONG KONG PRIME OFFICE Monthly Report

HONG KONG PRIME OFFICE Monthly Report RESEARCH April 2010 HONG KONG PRIME OFFICE Monthly Report Corporate sector eager to expand Hong Kong s office sales market continued to be active this past month. About 240 sales transactions were recorded

More information

Rents continue to decline while available space stabilizes

Rents continue to decline while available space stabilizes Manhattan Retail, Q3 2017 Rents continue to decline while available space stabilizes 119.8 *Arrows indicate change from previous quarter. 4.9% $34.5B 340.1K Sources: The Conference Board, September 2017;

More information

Hong Kong Prime Office Monthly Report. August 2011 RESEARCH LEASING ACTIVITY ROBUST DESPITE VOLITILITY

Hong Kong Prime Office Monthly Report. August 2011 RESEARCH LEASING ACTIVITY ROBUST DESPITE VOLITILITY RESEARCH August 2011 Hong Kong Prime Office Monthly Report LEASING ACTIVITY ROBUST DESPITE VOLITILITY Sentiment in the office sales market weakened over the past month. The slowdown was triggered by a

More information

THE OFFICE MARKET REPORT LEE NYC

THE OFFICE MARKET REPORT LEE NYC THE OFFICE MARKET REPORT LEE NYC MANHATTAN TREND TRACKER E IV DR R FD WE SIDE HIGHWAY SUBMARKETS MIDTOWN MIDTOWN WE WE CENTRAL PARK SOUTH W 57TH AVENUE OF THE AMERICAS E 49TH GRAND GRAND CENTRAL CENTRAL

More information

Brooklyn Rental Market Report October 2017 mns.com

Brooklyn Rental Market Report October 2017 mns.com Brooklyn Rental Market Report October 2017 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

Research. Legal firms rightsizing leads to uptick in vacancy CLEVELAND 1Q16 OFFICE MARKET. Current Conditions

Research. Legal firms rightsizing leads to uptick in vacancy CLEVELAND 1Q16 OFFICE MARKET. Current Conditions Legal firms rightsizing leads to uptick in vacancy The Greater Cleveland office market started 2016 on a sour note, as the office sector gave back space for the first time in 12 months, ending the first

More information

MANHATTAN OFFICE 2017

MANHATTAN OFFICE 2017 Research Report MANHATTAN OFFICE 2017 Accelerating success. % $ ± Market Indicators Full Year 2016 Full Year 2017 Y-O-Y Change AVAILABILITY RATE 10.3% 10.0% -0.3pp AVERAGE ASKING RENT ($/SF/YR) $73.24

More information

New Development Year-End Report

New Development Year-End Report New Development Year-End Report 2017 MANHATTAN $ 2,610 $ 2,282 $ 2,133 0.9% YoY PER SQ. FT. ACTIVE 2.2% YoY PER SQ. FT. CONTRACT SIGNED 2.3% YoY PER SQ. FT. CLOSED BROOKLYN $ 1,440 PER SQ. FT. ACTIVE $

More information

>> Market Records Strong Demand To End 2016

>> Market Records Strong Demand To End 2016 Research & Forecast Report Central Los Angeles OFFICE Q4 216 Accelerating success. >> Market Records Strong Demand To End 216 Key Takeaways > There is currently 61,4 square feet () of office product under

More information

CLEVELAND CBD OFFICE MARKET

CLEVELAND CBD OFFICE MARKET RESEARCH 3Q 2018 CLEVELAND CBD OFFICE MARKET CBD ACTION DOMINATED 3Q AS MARKET S HEALTH REBOUNDED History repeated itself for the third year in a row during the third quarter of 2018, as a handful of prominent

More information

New Development Year-End Report

New Development Year-End Report New Development Year-End Report MANHATTAN 2,775 PER SQ. FT. ACTIVE 2,268 BROOKLYN 1,34 PER SQ. FT. ACTIVE 1,335 PER SQ. FT. CONTRACT SIGNED PER SQ. FT. CONTRACT SIGNED 1,98 1,167 PER SQ. FT. CLOSED PER

More information

Why LOWER MANHATTAN?

Why LOWER MANHATTAN? Why LOWER MANHATTAN? LOWER MANHATTAN IS not your father s FiDi 2 transformation on every corner OVER $30 BILLION IN PUBLIC AND PRIVATE INVESTMENT OVER THE PAST DECADE HAS COMPLETELY TRANSFORMED THE AREA

More information

Leasing activity remains strong through February; Downtown off to best start in years 10.0% 5.0%

Leasing activity remains strong through February; Downtown off to best start in years 10.0% 5.0% Office March 2017 New York Monthly Market Update Leasing activity remains strong through February; Downtown off to best start in years Manhattan Class A Asking Rents Manhattan Class A Vacancy Rents $100.00

More information

BROOKLYN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS.

BROOKLYN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS. TM BROOKLYN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 TABLE OF CONTENTS Introduction 3 Market Snapshot 4 Neighborhood Price Trends Bay Ridge 9 Bed-Stuy 10 Brooklyn Heights 11 Boerum-Cobble Hill 12 Bushwick

More information

HONG KONG PRIME OFFICE Monthly Report

HONG KONG PRIME OFFICE Monthly Report RESEARCH MARCH 2010 HONG KONG PRIME OFFICE Monthly Report Office market rally continues Hong Kong s economy showed further signs of recovery this past month, benefiting from a revival in regional trade,

More information

Brooklyn Rental Market Report October 2015 mns.com

Brooklyn Rental Market Report October 2015 mns.com Brooklyn Rental Market Report October 2015 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

RESEARCH VACANCY DOWN AS CBD PACES STEADY MARKET CLEVELAND 1Q18 OFFICE MARKET. Current Conditions. Market Analysis. Market Summary

RESEARCH VACANCY DOWN AS CBD PACES STEADY MARKET CLEVELAND 1Q18 OFFICE MARKET. Current Conditions. Market Analysis. Market Summary VACANCY DOWN AS CBD PACES STEADY MARKET The Greater Cleveland office market started 2018 on solid footing, as a modest amount of net positive absorption during the first quarter resulted in a decrease

More information

RESIDENTIAL CAPITAL MARKETS TENANTED INVESTMENTS OUR TRACK RECORD

RESIDENTIAL CAPITAL MARKETS TENANTED INVESTMENTS OUR TRACK RECORD RESIDENTIAL CAPITAL MARKETS TENANTED INVESTMENTS OUR TRACK RECORD KNIGHT FRANK, RESIDENTIAL CAPITAL MARKETS 1 WELCOME The UK s private rented sector (PRS) has more than doubled in size in the last 14 years,

More information

OWN IN THE HEART OF MIDTOWN

OWN IN THE HEART OF MIDTOWN OWN IN THE HEART OF MIDTOWN CONVENIENCE, PRESTIGE, EQUITY OVERVIEW The office condominiums at 20 West 33rd Street are located on 33rd Street between Fifth Avenue and Broadway in the heart of Midtown

More information

TAMI-sector resurgence drives improved quarterly leasing

TAMI-sector resurgence drives improved quarterly leasing Midtown South Manhattan Office, Q3 217 TAMI-sector resurgence drives improved quarterly leasing Leasing Activity 1.14 MSF Net Absorption.9 MSF Availability Rate 1.8% Vacancy Rate 6.9% Average Asking Rent

More information

BROOKLYN NEW DEVELOPMENT REPORT 2012 SECOND QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS.

BROOKLYN NEW DEVELOPMENT REPORT 2012 SECOND QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS. TM BROOKLYN NEW DEVELOPMENT REPORT 2012 SECOND QUARTER 1 TABLE OF CONTENTS Introduction 3 Market Snapshot 4 Neighborhood Price Trends Bay Ridge 9 Bed-Stuy 10 Brooklyn Heights 11 Boerum-Cobble Hill 12 Bushwick

More information

New Development Year-End Report

New Development Year-End Report New Development Year-End Report MANHATTAN $ 2,215 AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED BROOKLYN $ 1,129 AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED $ 2,86 $ 997 AVERAGE PRICE PER SQ. FT. CLOSED AVERAGE

More information

345 HARRISON AVENUE BOSTON, MA

345 HARRISON AVENUE BOSTON, MA 345 HARRISON AVENUE BOSTON, MA 345 HARRISON AVENUE Set to transform the existing Graybar Electric warehouse into a luxurious live, work, and play destination, 345 Harrison Avenue will continue the revitalization

More information

Brooklyn Rental Market Report October 2014 mns.com

Brooklyn Rental Market Report October 2014 mns.com Brooklyn Rental Market Report October 2014 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

Hong Kong Prime Office Monthly Report. September 2011 RESEARCH NON-CORE DISTRICTS LEAD THE MARKET

Hong Kong Prime Office Monthly Report. September 2011 RESEARCH NON-CORE DISTRICTS LEAD THE MARKET RESEARCH September 2011 Hong Kong Prime Office Monthly Report NON-CORE DISTRICTS LEAD THE MARKET Sentiment in the office market remained mixed over the past month. The sales market was relatively quiet,

More information

AMAZON HQ2: Amazon s Near-Term Impact on the Queens and New York City Real Estate Market. January

AMAZON HQ2: Amazon s Near-Term Impact on the Queens and New York City Real Estate Market. January A whitepaper by Barbara Byrne Denham AMAZON HQ2: Amazon s Near-Term Impact on the Queens and New York City Real Estate Market January 2019 www.reis.com January 2019 By Barbara Byrne Denham Amazon s Near-Term

More information

New Development Report

New Development Report New Development Report 2017 Third Quarter MANHATTAN $ 2,537 PER SQ. FT. ACTIVE $ 2,138 PER SQ. FT. CONTRACT SIGNED $ 2,096 PER SQ. FT. CLOSED BROOKLYN $ 1,468 PER SQ. FT. ACTIVE $ 1,423 PER SQ. FT. CONTRACT

More information

Brooklyn Rental Market Report August 2015 mns.com

Brooklyn Rental Market Report August 2015 mns.com Brooklyn Rental Market Report August 2015 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

1Q18 BROOKLYN The Corcoran Report

1Q18 BROOKLYN The Corcoran Report 1Q18 BROOKLYN The Corcoran Report Contents First Quarter 2018 3 Overview 4/7 Market Wide 8 9 10 12/27 28 4 Sales 5 Inventory 6 Prices 7 Market Share Resale Co-ops Resale Condos New Developments 11 Luxury

More information

>> 2017 Begins With Continued Strong Demand

>> 2017 Begins With Continued Strong Demand Research & Forecast Report Central Los Angeles OFFICE Q1 217 Accelerating success. >> 217 Begins With Continued Strong Demand Key Takeaways > Hudson Pacific's Icon at Sunset property delivered 323,3 square

More information

Manhattan Residential Rental Market Report

Manhattan Residential Rental Market Report Manhattan Residential Rental Market Report December & Fourth Quarter 217 Residential Rental Market Report December & Fourth Quarter 217 This report follows overall conditions in the Manhattan rental market

More information

DRAFT. Multi-Family. Sales. Report. 3Q18 New York City. Presented by the Tri-State Investment Sales Group. For more information please contact:

DRAFT. Multi-Family. Sales. Report. 3Q18 New York City. Presented by the Tri-State Investment Sales Group. For more information please contact: DRAFT 3Q18 New York City Multi-Family For more information please contact: Sales James Nelson James Kinsey Principal, Head of Tri-State Investment Sales Principal, Senior Director of Tri-State Investment

More information

CLINTON 42ND STREET PORT AUTHORITY ELEVENTH AVENUE TENTH AVENUE NINTH AVENUE MIDTOWN WEST 34TH STREET MANHATTAN WEST EMPIRE STATION COMPLEX CHELSEA

CLINTON 42ND STREET PORT AUTHORITY ELEVENTH AVENUE TENTH AVENUE NINTH AVENUE MIDTOWN WEST 34TH STREET MANHATTAN WEST EMPIRE STATION COMPLEX CHELSEA FIVE MANHATTAN WEST WELCOME TO MANHATTAN WEST Manhattan West will be a thriving community made up of state-of-the-art custom-designed office space, experiential retail, abundant green space, an amenity-rich

More information

Leveraging Strategic Alliances with Developers and Planners: Urban Development and Sustainable Transport

Leveraging Strategic Alliances with Developers and Planners: Urban Development and Sustainable Transport Leveraging Strategic Alliances with Developers and Planners: Urban Development and Sustainable Transport Thomas Wargo Director of Zoning NYC Department of City Planning NYC PLANNING NYC PLANNING Riverdale,

More information

EASTERN CONSOLIDATED VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN

EASTERN CONSOLIDATED VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN EASTERN CONSOLIDATED VIEW FROM THE NEIGHBORHOOD OVERVIEW: MANHATTAN NOVEMBER 2017 TABLE OF CONTENTS Overview 5 DOWNTOWN Financial District/Tribeca/Chinatown 10 SoHo/Nolita/Lower East Side 12 West Village/Greenwich

More information

ONEHUDSONYARDS 1 50 HUDSON YARDS 2 30 HUDSON YARDS 3 ONEHUDSONYARDS 4 10 HUDSON YARDS 5 THE SHED 6 15 HUDSON YARDS 7 35 HUDSON YARDS 8 55 HUDSON YARDS

ONEHUDSONYARDS 1 50 HUDSON YARDS 2 30 HUDSON YARDS 3 ONEHUDSONYARDS 4 10 HUDSON YARDS 5 THE SHED 6 15 HUDSON YARDS 7 35 HUDSON YARDS 8 55 HUDSON YARDS ONEHUDSONYARDS ONEHUDSONYARDS 3 12 6 8 7 2 1 4 5 1 50 HUDSON YARDS 2 30 HUDSON YARDS 9 3 ONEHUDSONYARDS 4 10 HUDSON YARDS 5 THE SHED 6 15 HUDSON YARDS 7 35 HUDSON YARDS 8 55 HUDSON YARDS 9 PUBLIC SQUARE

More information

Research AUSTIN 1Q16 OFFICE MARKET. Current Conditions

Research AUSTIN 1Q16 OFFICE MARKET. Current Conditions is a Top Pick Going into 2016 The office market recognized its 14th consecutive quarter of positive net absorption in the first quarter of 2016, as its vacancy rate fell to 10., significantly lower than

More information

Establishing a Global Footprint: Inbound, Outbound & in your Neighborhood

Establishing a Global Footprint: Inbound, Outbound & in your Neighborhood Establishing a Global Footprint: Inbound, Outbound & in your Neighborhood Global real estate is a mind set Cindy Fauth Spend more money $477,462 (average purchase price) Pay in cash 50% of international

More information

MANHATTAN RESIDENTIAL MARKET REPORT SECOND QUARTER

MANHATTAN RESIDENTIAL MARKET REPORT SECOND QUARTER 2017 MANHATTAN RESIDENTIAL MARKET REPORT SECOND QUARTER Data Highlights SECOND QUARTER 2017 Cover Property: halstead.com WEB# 16183475 New records were set for average and median apartment prices, as high-end

More information

>> 2016 Off to A Good Start for Tri-Cities

>> 2016 Off to A Good Start for Tri-Cities Research & Forecast Report TRI-CITIES OFFICE Q1 216 Accelerating success. >> 216 Off to A Good Start for Tri-Cities Key Takeaways > The Tri-Cities office market saw vacancy decline for the seventh consecutive

More information

Research HOUSTON 1Q16 OFFICE MARKET. Current Conditions

Research HOUSTON 1Q16 OFFICE MARKET. Current Conditions 2016: A Wait-and-See Year In, Will they or won t they? has nothing to do with the Federal Reserve and interest rates and everything to do with OPEC s decision to potentially curb production. Observers

More information

FOR SALE PAD BUILDING SITE

FOR SALE PAD BUILDING SITE Keegan & Coppin REAL ESTATE O N C O R I N T E R N A T I O N A L Commercial Real Estate Services FOR SALE PAD BUILDING SITE PROPOSED BUILDING EXISTING BUILDING 429 S. Cloverdale Boulevard Cloverdale Citrus

More information

The Corcoran Report 2Q 2018 MANHATTAN

The Corcoran Report 2Q 2018 MANHATTAN The Corcoran Report 2Q 218 MANHATTAN 2Q218 MANHATTAN 2 Overview Closed Sales 3,193-14 YEAR OVER YEAR +26 QUARTER OVER QUARTER Closed sales declined 14 annually versus Second Quarter 217. All product types

More information

Brooklyn Rental Market Report April 2015 mns.com

Brooklyn Rental Market Report April 2015 mns.com Brooklyn Rental Market Report April 2015 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

Brooklyn Rental Market Report July 2016 mns.com

Brooklyn Rental Market Report July 2016 mns.com Brooklyn Rental Market Report July 2016 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant

More information

Leasing focused on new construction; renewals up

Leasing focused on new construction; renewals up MARKETVIEW Midtown Manhattan Office, Q3 216 Leasing focused on new construction; renewals up Leasing Activity 3.96 MSF Net Absorption (.86) MSF Availability Rate 12.1 Vacancy Rate 7.9 Average Asking Rent

More information

>> Downtown LA Carries Momentum Into 2018

>> Downtown LA Carries Momentum Into 2018 Research & Forecast Report DOWNTOWN L.A. OFFICE Accelerating success. >> Downtown LA Carries Momentum Into 218 Key Takeaways > Demand momentum carried over from last quarter into the new year, rising from

More information

KEEGAN & COPPIN COMPANY, INC.

KEEGAN & COPPIN COMPANY, INC. Commercial Real Estate Services PROMINENT DOWNTOWN LOCATION 757± - 954± sf of office space available with 4th Street frontage 757± sf: Open floor plan with 3 cubicles 954± sf: Open floor plan, private

More information

Manhattan Residential Rental Market Report

Manhattan Residential Rental Market Report Manhattan Residential Rental Market Report June & Second Quarter 218 Residential Rental Market Report June & Second Quarter 218 This report follows conditions in the Manhattan rental market during June

More information

Research DALLAS/FT. WORTH 2Q16 OFFICE MARKET. Current Conditions

Research DALLAS/FT. WORTH 2Q16 OFFICE MARKET. Current Conditions /FT. WORTH Strong Relationship Between Employment Growth and Net Absorption Point to a Strong Outlook If history serves as a guide, then the /Fort Worth office market should perform quite well through

More information

Fourth Quarter 2018 Market Report Manhattan Residential

Fourth Quarter 2018 Market Report Manhattan Residential Market Report Manhattan Residential Data Highlights Cover Property: Halstead.com WEB# 19041474 A pickup in luxury new development closings pushed the average price higher than a year ago. The median apartment

More information

RESTAURANT SPACE FOR LEASE ROCK CENTER MIDTOWN TIMES SQUARE TH AVENUE. New York, New York 10020

RESTAURANT SPACE FOR LEASE ROCK CENTER MIDTOWN TIMES SQUARE TH AVENUE. New York, New York 10020 RESTAURANT SPACE FOR LEASE ROCK CENTER MIDTOWN TIMES SQUARE 1251 6TH AVENUE New York, New York 10020 2 A Winick Realty Group LLC Exclusive A Mitsui Fudosan America Project INTRODUCTION 1251 Sixth Avenue

More information

>> South Bay Market Hits 9-Year High in Demand

>> South Bay Market Hits 9-Year High in Demand Research & Forecast Report South Bay OFFICE Q3 2016 Accelerating success. >> South Bay Market Hits 9-Year High in Demand Key Takeaways > The El Segundo/Beach Cities submarket once again led the South Bay

More information

The Corcoran Report 3Q17 MANHATTAN

The Corcoran Report 3Q17 MANHATTAN The Corcoran Report 3Q17 MANHATTAN Contents Third Quarter 2017 4/7 12/23 3 Overview 8 9 10 Market Wide 11 Luxury 24 4 Sales / Days on Market 5 Inventory / Months of Supply 6 7 Market Share Resale Co-ops

More information

L A F R O N T E R A P L A Z A

L A F R O N T E R A P L A Z A LA FRONTERA L A F R O N T E R A 2700 La Frontera Boulevard Round Rock, Texas 78681 La Frontera Plaza is a 97,311 rentable square foot, Class A office building located in the heart of Round Rock, Texas.

More information

Hong Kong Prime Office Monthly Report. October 2011 RESEARCH NON-CORE DISTRICTS LEAD THE MARKET

Hong Kong Prime Office Monthly Report. October 2011 RESEARCH NON-CORE DISTRICTS LEAD THE MARKET RESEARCH October 2011 Hong Kong Prime Office Monthly Report NON-CORE DISTRICTS LEAD THE MARKET Business and investment activity slowed in Hong Kong over the past month, on the back of negative economic

More information

MANHATTAN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS.

MANHATTAN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 MNS 115 EAST 23 RD STREET, NEW YORK, NY MNS. TM MANHATTAN NEW DEVELOPMENT REPORT 2012 FIRST QUARTER 1 TABLE OF CONTENTS Introduction 3 Market Snapshot 4 Neighborhood Price Trends Harlem 9 Upper West Side 10 Upper East Side 11 Midtown West 12 Midtown

More information