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Lower Manhattan Real Estate Market Report Q2 2018

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Lower Manhattan Real Estate Market Report Q2 2018 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE ALLIANCE FOR DOWNTOWN NEW YORK LOWER MANHATTAN REAL ESTATE MARKET REPORT Q2 2018 LOWER MANHATTAN MARKS STRONGEST LEASING QUARTER IN SEVEN YEARS AND CELEBRATES THE OPENING OF 3 WORLD TRADE CENTER AND PIER 17 Lower Manhattan’s commercial market had a particularly Positive news abounds on the east side as well with the robust second quarter. Major brand-name tenants closing opening of Pier 17. Now home to ESPN Broadcasting deals in the TAMI (Technology, Advertising, Media and Studios, the pier will host concerts through the fall and Information) and fashion sectors helped make this the most several restaurant openings are expected by year-end. In active quarter in seven years. J.Crew signed the largest deal of additional good news for the Seaport District, the Mr. C the quarter at Brookfield Place where they will be moving their Seaport Hotel opened this summer. This quarter’s strong headquarters to a 325,000-square-foot office from Midtown leasing activity helped mitigate the long expected increase South. in the vacancy rate resulting from 3 World Trade Center’s completion. Finally, private sector employment remains Three World Trade Center’s opening brings the total office at its highest level since September 11, 2001 (242,593 square footage on the World Trade Center campus to 7.8 employees). million square feet. In addition, McKinsey & Company executed the quarter’s second largest deal at 3 World Trade Center and will be relocating their headquarters from Midtown. LOWER MANHATTAN WELCOMES 3 WORLD TRADE CENTER TO THE MARKET Photo Courtesy of Silverstein Properties. By Joe Woolhead. Lower Manhattan Real Estate Market Report | Q2 2018 1 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE SECOND QUARTER LEASING BEST SINCE Q2 it surged most dramatically in Lower Manhattan. At mid-year, 2011 leasing in Manhattan overall is up 12 percent as compared to 2017, while Lower Manhattan’s year-to-date activity is off 12 Lower Manhattan leasing more than doubled from the first percent from this time last year. quarter levels. In the second quarter there was 1.9 million square feet of new activity. This represents the best quarter for new BRAND NAME TENANTS TOP LARGEST SECOND activity since the second quarter of 2011 and it also places well QUARTER DEALS above the five-year quarterly average of 1.3 million square feet. The World Trade Center and Brookfield Place continued to top A flurry of large deals boosted this quarter with more than 24 the charts of Lower Manhattan’s largest deals with two deals leases of over 20,000 square feet signed, according to Cushman signed for over 100,000 square feet. J. Crew inked the largest & Wakefield. deal of the quarter and the fifth largest citywide deal after committing to relocate their headquarters from 770 Broadway With this rebound, year-to-date activity now totals about 2.7 to 325,000 square feet in 225 Liberty Street in Brookfield million square feet in Lower Manhattan. While leasing was up Place. J.Crew’s commitment marks the largest relocation since in Midtown and Midtown South quarter-over-quarter as well, Spotify announced its move to 4 World Trade Center in early 2017. J. Crew’s move absorbed Bank of New York Mellon’s sublease space placed on the market after their February 2018 announcement that the bank would be consolidating in 100 Barclay Street. The relocation announcement is the latest in a slew of media and fashion industry firms that have long been 1.9 Million SF headquartered in Midtown and Midtown South moving south of Chambers Street. This move further enriches the Lower Q2 New Leasing Activity Manhattan fashion community which already includes Hudson’s LOWER MANHATTAN NEW LEASING ACTIVITY BY QUARTER, Q2 2011 - Q2 2018 Source: CBRE 2. Million 2.5 MSF 2. Million 2.2 Million Best Quarter since Q2 2011 1.9 MSF 2.0 Million 1.7 Million SF 1.5 Million 1.2 Million 1.0 Million 0,000 00,000 20,000 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 2013 2014 2015 2016 2017 2018 Lower Manhattan Real Estate Market Report | Q2 2018 2 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE LOWER MANHATTAN TOP LEASES, Q2 2018 Source: Downtown Alliance, CBRE, JLL, CoStar, Colliers International SF Tenant Name Location Transaction Type Sector Leased 1 J. Crew Group Inc. 225 Liberty Street 325,000 Relocation Retail Trade Professional Services, 2 McKinsey & Company 3 World Trade Center 184,389 Relocation Management Consulting 3 Wolters Kluwer 28 Liberty Street 130,000 Relocation TAMI, Media Moving within LM 4 National Debt Relief 180 Maiden Lane 95,284 FIRE and Expanding Professional Services, 5 Convene 1 Liberty Plaza 93,096 New LM Location Coworking 6 MDRC 200 Vesey Street 54,735 Relocation Nonprofit 7 IQVIA (Quintiles/IMS) 300 Vesey Street 45,927 Relocation TAMI, Technology 8 Scotia Bank 225 Liberty Street 43,374 Expansion FIRE 9 Virtusa Corporation 225 Liberty Street 42,705 Relocation TAMI, Technology 10 TerraForm 200 Liberty Street 42,291 Relocation Other, Utilities 11 Getty Images 195 Broadway 41,982 Relocation TAMI, Media 12 CallisonRTKL 233 Broadway 28,098 Relocation Professional Services, Design Professional Services, 13 Knotel 30 Broad Street 26,982 New LM Location Coworking 14 Outfront Media 140 Broadway 26,206 Relocation TAMI, Advertising 15 Millbank Tweed 33 Whitehall Street 25,605 Moving Within LM Professional Services, Legal 16 Community Access Inc 17 Battery Plaza 25,075 Moving Within LM Nonprofit 17 Collibra 61 Broadway 24,479 Expansion TAMI, Technology 18 Hello Alfred 61 Broadway 22,327 Relocation TAMI, Technology 19 NYFD Pension Fund 1 Battery Park Plaza 20,679 Relocation Government American Civil 20 125 Broad Street 18,245 Expansion Nonprofit Liberties Union Lower Manhattan Real Estate Market Report | Q2 2018 3 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE Bay, also headquartered at Brookfield Place, Hugo Boss, Gucci, NEW LEASING ACTIVITY BY INDUSTRY, 2018 YTD MM.LaFleur, Bottega Veneta and more. Source: Jones Lang LaSalle Other Services The second largest deal of the quarter was completed by Government . McKinsey & Company. Announced in November 2017, the Education, Healthcare 2.9 7.1% premier management consulting firm signed a lease for 184,389 & Nonprofit square feet on floors 60 through 64 in 3 World Trade Center. The “Big Three” firm will begin relocating its NYC headquarters to the Professional TAMI World Trade Center from Midtown East this summer. Services .9 11.2 2018 Year-to-Date TAMI AND FLEXIBLE SPACE PROVIDERS New Leasing CONTINUE TO DOMINATE TOP DEALS Activity by Industry After a subdued first quarter, activity rebounded in the second quarter as TAMI (Technology, Advertising, Media and Information FIRE industries) companies and flexible space providers (defined as 17.6 Flexible Space Providers 7.1% short term office, coworking, event/conference space companies, etc.) returned as the largest dealmakers. Year to date, TAMI *by Square-footage Fashion & Retail Trade 1. has accounted for 36 percent of all new activity in Lower Manhattan, just up from 2017’s level, according to Jones Lang LaSalle. Combined with leasing by flexible space providers, these moving from Midtown East to a 42,705-square-foot office in industries were responsible for more than 43 percent of all new 225 Liberty Street. TAMI tenants were active on Broadway as activity in 2018 to date. well. Getty Images, an international photo and multimedia agency, announced a relocation from Hudson Square to a Wolters Kluwer, an information services firm for industries new 42,000-square-foot headquarters in 195 Broadway. 195 including law, accounting, healthcare and more, signed the Broadway is currently 70 percent leased by TAMI companies. third largest deal in the second quarter and will be relocating Other TAMI commitments across the district include Hello Alfred, from Google’s 111 Eighth Avenue to 130,000 square feet in a New York-based home service technology company, which 28 Liberty. This marks 28 Liberty’s largest lease since the signed a lease for 22,327 square feet at 61 Broadway and has New York State Attorney General signed for 379,000 square already moved into a portion of BIG’s (Bjarke Ingels Group) feet in February 2017. Convene, a hospitality focused flexible former office space from Midtown South. office and meeting services provider, announced that it will be opening another Lower Manhattan location after signing a Finally, Knotel, one of Lower Manhattan’s 23 flexible space 93,096-square-foot lease in 1 Liberty Plaza. This commitment providers, signed on for its fourth district location with a marks Convene’s fourth partnership with Brookfield Properties 26,982-square-foot lease at 30 Broad Street. and its fourth location in Lower Manhattan. Convene will be operating a coffee shop and cafe on the building’s ground floor, FIRE SECTOR AND NONPROFITS REMAIN with its other operations on the mezzanine, second, and third ACTIVE IN LOWER MANHATTAN floors. With this lease, Convene’s Lower Manhattan footprint now totals over 190,000 square feet, making them the third largest In the second quarter, the FIRE (Financial Services, Insurance flexible space provider south of Chambers Street behind WeWork and Real Estate) sector accounted for the second largest and Regus. share of new leasing activity after TAMI and helped to drive quarterly activity to its highest point in seven years. While The second quarter also yielded a steady flow of mid-size Deutsche Bank announced its 2021 relocation to Columbus leases from TAMI tenants.
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