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Manhattan Office Market Manhattan Offi ce Market 2 ND QUARTER 2015 REPORT A NEWS RECAP AND MARKET SNAPSHOT Pictured: 1001 Avenue of the Americas Looking Ahead Partnership for New York City: New York’s Future as the World Financial Capital The report released in June concluded that while New York City remains the preferred location of global fi nancial companies to establish their headquarters, there is a growing trend to relocate jobs and business operations to lower cost, more business-friendly locations that are beyond the city’s border. A comprehensive survey was conducted in collaboration with Gerson Lehrman Group (GRG), intending to better understand how the fi nancial industry is evolving; and what measures are required to solidify New York’s competitive advantage as a global fi nancial center. Collected data represents an overview of the responses from 50-fi rm respondents that included large banks, insurance companies and asset managers, private equity fi rms, hedge funds, and fi nancial technology (FinTech) startups; and represent about 1/3rd of the total industry employment in the city. Additionally, observations were included from 8-real estate fi rms that were surveyed; along with interviews from other related experts in the fi eld. Financial Industry – an economic snapshot • Contributes 20% of the city’s economic output, representing twice that of the next top-grossing industry. • Accounts for nearly 1/3rd of the city’s private sector payroll, despite accounting for only 8%, or about 310,000 of the city’s private sector jobs in 2013; of which 23,000 jobs are high-technology in the areas of software, data processing and network management. • Accounts for at least $18 billion, or 18% of the city’s annual tax revenues. • Has a signifi cant impact on the creation of new jobs outside the industry. Typically for every job added in the financial sector, 2 jobs are created in such industries as healthcare, hospitality (hotel and food services), and retail trade. The commercial banking sector has a higher ratio of 1:3.5 versus the 1:2 for most other sectors. Over 700,000 jobs currently depend on the fi nancial services industry. • About 71% of the industry’s employees live in New York City and comprise a vital segment of the city’s middle class. Average employee earnings are $266,000 annually — a fi gure that is somewhat skewed by the 53% employed in the higher income bracket of securities brokerage earning an average of about $356,000 annually. • Since 2000, the industry’s infl ation-adjusted payroll has declined 6.7% in contrast to the 4.7% fi gure that represents the city’s overall private sector payroll decline. • Amongst the 50-fi rm respondents 62% reported that they expanded New York City operations over the past 3-years; but only 52% expect further expansion in the upcoming 3-5 years, primarily due to cost pressures, lack of government incentives, and competition from domestic and international fi nancial hubs which are prompting operation relocations to states including Florida, Delaware, New Jersey, Pennsylvania, California, North Carolina. • Rate of job growth has slowed to about 50% of that of the city’s overall private sector — a rate that is expected to accelerate over the next 5-years. While the FinTech sector presents opportunity for job growth, companies have been attracted away from New York City to stronger high-tech cultures in lower cost cities such as Silicon Valley, San Francisco, Texas, Stamford, CT, Nashville, D.C. Metro as well as Canada and London. P.PP2.2 2 Looking Ahead Partnership for New York City (cont’d) Suggested Recommendations to Maintain New York City’s Competitive Edge include: • Increased investment in the currently overloaded transportation system; and improved airport capacity. • Upgrades to the city’s digital infrastructure which currently lags behind competitors. • Expand the NYS Excelsior Jobs Program to provide tax incentives for retention of middle wage jobs, including the fi nancial industry. • Reform New York City and State tax structure to reduce income tax on high earners to a maximum of 50% as compared to the current 54%; and eliminate the city’s Commercial Rent Tax which imposes a 6% surtax on large commercial tenants. • Prepare New Yorkers for fi nancial services jobs to strengthen the city’s job pool by working with industry and educators to develop a “roadmap” of career opportunities; plus coordinated public and private investment in non-profi t organizations that have a proven record of preparing students for fi nancial industry positions. • Increased efforts to build on the success of programs such as Fintech Innovation Lab. The annual program which assists startups developing innovative technology products targeted at fi nancial services customers is run by the Partnership Fund of New York City and Accenture. In addition, government and industry should work with venture capitalists to identify promising new fi rms and expand procurement of local tech vendors. Offi ce of the NYC Comptroller: NYC Quarterly Economic Update 1Q15 The report released in May revealed a continued strengthening of the city’s economy, surpassing the rate of economic improvement on the national level which was sluggish during the 1st quarter. Real Gross City Product (GCP) – Grew at an estimated annual rate of 3.5%, in comparison to the negligible advanced estimated 0.2% rate nationwide. The growth in the 1st quarter represents a 25% increase of the 2.8% rate of the 4th quarter. The city’s GCP accounted for just over 4% of the nation’s total economic output in 2014. Venture Capital Investment (VC) – Totaled about $1.4 million representing a year-over-year surge of 45.2% in the New York metro area (NYMA); and the highest 1st quarter level in 14-years. Average deal sizes have swelled, indicated by the rise in total dollars despite a drop of 16 deals from the 119 made during the 1st quarter of 2014. VC investment in the NYMA represented 10.4% of the national total of $13.4 billion; up 1.4% year-over-year. NYC Personal Income Tax Revenues – Rose 4.9% year-over-year to an estimated over $3 billion in the 1st quarter. While the fi gure represented the highest 1st quarter level on record, it rose at a slower rate than the steeper 10.8% year-over-year change in the 4th quarter. Sources: http://pfnyc.org/wp-content/uploads/2015/06/2015-06-world-fi nancial-capital.pdf http://comptroller.nyc.gov/wp-content/uploads/documents/Q_Econ_Update_1Q15.pdf P.PP3.3 3 In the News Second Avenue Subway – Progress Update After several opening delays, Metropolitan Transportation Authority (MTA) offi cials reportedly expect that Phase 1 of the long-awaited Second Avenue subway line is on track to open by December 2016. Currently about 82% complete, but the remaining 18% will be the most diffi cult to complete and includes installing communication, electrical, fi re-safety and signal systems. In addition, the stations are still a work-in- progress and the installation of elevators, stairways, turnstiles, and platform fl ooring not completed. 72nd Street Station Entrance - Rendering The fi rst phase will run from a new stop at 96th Street to an existing station at East 63rd Street, which will be getting an upgrade. The 3-newly created stations at 72nd, 86th and 96th Street will be served by the existing Q-line; but ultimately an added T-line which is part of later construction phases, will also stop at the 3-new stations. The congested urban area throughout which Phase 1 construction took place resulted in heightened challenges throughout the project, the Upper East Side area having about 100,000 people per square mile according to MTA offi cials. In total, some 583,600 cubic yards of rock and 460,300 cubic yards of soil equating to over half the volume of the Empire State Building have reportedly been excavated; and about 8,780-feet of the total 13,220-feet of track have been laid with most of the third-rail system yet to be installed. The new stations will feature a column-free design similar to those in Washington, D.C.; be the fi rst to be outfi tted with sound-absorbing panels along the ceiling; have air-tempering systems to cool platforms; and be equipped with WiFi. Although the project has a long way to go before the completion of its intended full length span that will stretch from Harlem’s East 125th Street to Lower Manhattan’s Hanover Square, the Second Avenue line whose vision dates back to the 1920s has made great strides since modern construction began in 2008. However a shortfall in funding could prompt further delays with Phase 2 of the project, which is just one of many on the MTA’s project list. To date, the project has reportedly generated $842 million in wages, created 16,000 jobs, and produced $2.87 billion in economic activity. Harlem Activity Highlights Corn Exchange, 81-85 East 125th Street (Harlem) – Artimus Construction has introduced 25,000 square feet of offi ce space to the market, following the recently completed full restoration of the historic building located at the corner of Park Avenue. The project was awarded to the company by the city’s Economic Development Corporation which took control of the property in 2003, selling it to Artimus affi liate 125th Street Equities LLC, for roughly $1.472 million in 2011. In 2013, the $16 million renovation plans were approved by the Landmarks Preservation Commission. The building which received landmark status in 1993 was originally constructed in 1883-84 as the home of the Mount Morris Bank.
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