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Manhattan Office Market Report Second Quarter/July 2013

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Manhattan Office Market Report Second Quarter/July 2013 Manhattan Office Market Report Second Quarter/July 2013 Manhattan Availability on the Decline The Manhattan office market made great Midtown South Tightens Further strides in the second quarter 2013, Midtown South leads the recovery, as the as 1.7 million square feet of positive availability rate dropped 90 basis points absorption was recorded, wiping out to 8.1 percent in the second quarter. the negative absorption from the first Steady leasing activity led to 762,374 quarter. Despite Downtown posting square feet of positive absorption in the 1 million square feet of negative second quarter, which was highlighted absorption over the past three months, by Facebook’s decision to move out of the overall Manhattan availability rate Midtown, when the social media firm Market Tracker dropped 40 basis points to 11.4 percent. leased 98,570 square feet at 770 (All classes; month-over-month) Activity remained steady in Midtown Broadway. The Facebook lease, along Availability: 11.4% South and Midtown started to prosper for with High 5 Games’ 58,370-square-foot the first time in over two years. Leasing lease also at 770 Broadway, dropped Net Absorption: 450,331 SF activity reached 17.1 million square feet the SoHo/NoHo/Village availability rate through the first six months of the year, down to 3.8 percent, by far the tightest Asking Rent: $62.13 a 5.1 percent increase compared to the of the Manhattan submarkets. Class same time last year. Class A asking rents A asking rents remained stable in the Deliveries: 0 SF dipped $0.48 per square foot to $69.32 second quarter, down $0.18 per square despite Class A buildings posting 1.2 foot to $67.03. This minimal drop can be million square feet of positive absorption. attributed to no available Class A space Class B asking rents continued to in the SoHo/NoHo/Village submarket, flourish, up 5.5 percent since the first which when available had a $75.00 per Manhattan—Overall Availability quarter to $50.78 per square foot. square foot asking price. Meanwhile 12.0% Class B asking rents continue to soar, Midtown Posts Strong Quarter up $1.56 to $58.71 per square foot. 11.8% Midtown bounced back strong in the 11.6% second quarter, as the availability Downtown Softens 11.4% rate dropped 80 basis points to 11.4 Downtown availability jumped up 120 percent. After posting 909,264 square basis points in the second quarter to 11.2% feet of negative absorption in the first 14.6 percent. After the 730,000-square- 11.0% quarter, Midtown followed up with three foot AIG space at 180 Maiden Lane Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 consecutive months of positive absorption hit the market in May, an additional totaling 1.9 million square feet. With 212,829 square feet was placed an increase in Midtown demand, the on the market at 1 Liberty Plaza in high-end market also heated up. Through Manhattan—Asking Rents June – Bank of Nova Scotia plans to the first half of the year, 29 leases were vacate the space. Also contributing to $75 Class A signed with starting rents $100.00 per the negative absorption in the second $70 square foot or higher – a significant quarter was the 68,350-square-foot $65 increase from 2012 when only 34 were sublease space placed on the market $60 completed throughout the entire year. by Lester Schawb Katz & Dwyer at 120 The increase in demand for high-end Broadway. Downtown average asking $55 Class B space pushed Class A asking rents up rents for both Class A and Class B space $50 $0.66 per square foot to $77.62 in dropped in the second quarter. Class A $45 the second quarter. Meanwhile, Class asking rents dipped $0.16 per square $40 B asking rental increases continue to foot to $52.44, and Class B asking rents Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 outpace Class A, as the average asking slipped $0.09 to $35.97 per square foot. rent rose 7.6 percent from the first Downtown’s rents are still discounted quarter to $53.87 per square foot. compared to Midtown and Midtown South, continuing to keep the market a viable option for value-driven tenants. © 2013 Cassidy Turley www.cassidyturley.com | 1 Manhattan Office Market Report Second Quarter/July 2013 Statistical Data as of June 26, 2013 Manhattan Office Market Overview Inventory Available Availability Absorption** Under Average Asking Rent*** Submarket (SF) SF* Monthly Year-to-Date Construction Class A Class B Overall MIDTOWN East Side/UN 21,082,455 1,843,417 8.7% 9,018 (15,225) $64.91 $53.00 $63.40 Fashion District 33,012,674 3,052,497 9.2% 247,715 364,892 $56.40 $ 47.61 $ 47.76 Fifth/Madison 25,327,308 3,255,209 12.9% 25,669 501,860 $109.55 $62.46 $99.36 Grand Central 48,788,839 7,331,705 15.0% 48,362 (446,724) 292,000 $64.79 $51.16 $60.03 Midtown West/Columbus Circle 20,083,487 1,662,782 8.3% 78,478 166,877 1,052,150 $67.13 $46.65 $63.51 Park Avenue 30,089,432 2,769,568 9.2% 60,465 240,183 $88.54 $77.12 $ 87.8 4 Penn Plaza/Hudson Yards 14,472,528 2,017,693 13.9% 6,342 (233,681) 1,800,000 $59.99 $50.65 $53.17 Sixth Avenue/Rock Center 45,409,401 6,072,353 13.4% 49,353 105,885 472,535 $79.61 $73.47 $78.87 Times Square 18,034,367 1,182,075 6.6% (54,634) 356,413 $84.92 $63.69 $77.01 MIDTOWN TOTALS 256,300,491 29,187,299 11.4% 470,768 1,040,480 3,616,685 $77.62 $53.87 $69.82 MIDTOWN SOUTH Chelsea/Meatpacking 18,166,206 1,266,517 7.0% 28,760 350,992 $73.93 $60.59 $51.50 Flatiron/Union Square 14,579,420 1,366,812 9.4% 8,958 (439,983) $73.22 $59.09 $64.98 Hudson Square/TriBeCa 19,675,054 1,415,853 7.2% 283,582 682,589 $75.00 $60.35 $63.09 Madison Square/Park Avenue South 26,647,926 2,672,504 10.0% (317,5 30) (308,273) $60.81 $57.47 $58.55 SoHo/NoHo/Village 6,605,094 248,291 3.8% 248,600 463,875 400,000 N/A $55.21 $54.48 MIDTOWN SOUTH TOTALS 85,673,700 6,969,977 8.1% 252,370 749,200 400,000 $67.03 $58.71 $59.03 DOWNTOWN City Hall/Insurance 6,314,473 652,113 10.3% 60,166 12,111 $ 47.71 $35.02 $35.46 Financial 53,519,296 7,460,066 13.9% (92,347) (749,362) $46.93 $36.05 $43.17 World Trade Center 27,0 8 3,5 4 8 4,548,519 16.8% (240,626) (330,261) 8,265,630 $59.28 $36.39 $55.32 DOWNTOWN TOTALS 86,917,317 12,660,698 14.6% (272,807) (1,067,512) 8,265,630 $52.44 $35.97 $47.31 MANHATTAN TOTALS 428,891,508 48,817,974 11.4% 450,331 722,168 12,282,315 $69.32 $50.78 $62.13 Noteworthy Leases Announced in June Address Tenant Size (SF) Lease Type Submarket 1185 Avenue of the Americas RSM McGladrey Inc. 164,771 Renewal Sixth Avenue/ Rock Center For more information, contact: 770 Broadway Facebook 98,570 New Lease SoHo/NoHo/Village Richard Persichetti Renewal/ Vice President, Research, Marketing 9 West 57th Street Och-Ziff Management 95,200 Fifth/Madison Expansion and Consulting [email protected] 620 Avenue of the Americas Mediaocean 88,400 New Lease Flatiron/Union Square Corey Deslandes 1 Hudson Square New York Media LLC 80,500 New Lease Hudson Square/TriBeCa Senior Research Analyst [email protected] Reproduction in whole or part of this document is permitted only with the written consent of Cassidy Turley. Some of the data in this report has been gathered from third party sources, including CoStar and Real Capital Analytics, and has not been independently verified by Cassidy Turley. Cassidy Turley makes no warranties nor representations as to the completeness or accuracy thereof. Cassidy Turley New York 277 Park Avenue Technical Note: Cassidy Turley is continuously refining its database. The data shown in the historical tables and graphics in this report have been New York, NY 10172 adjusted to take into account these changes in the database. *Includes space available for sublease Tel: 212.758.0800 **Net change in occupied space between two points in time; includes both direct and sublease space Fax: 212.758.6192 ***Weighted by SF available for lease © 2013 Cassidy Turley www.cassidyturley.com | 2.
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