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Commercial Office Market Lower Manhattan Tenants Deepened Roots OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE ALLIANCE FOR DOWNTOWN NEW YORK LOWER MANHATTAN REAL ESTATE MARKET OVERVIEW Q3 2016 COMMERCIAL OFFICE MARKET LOWER MANHATTAN TENANTS DEEPENED ROOTS While total activity has slowed this year, a strong set of Lower Zurich America Insurance Company, a Switzerland-based Manhattan’s existing tenants have recommitted to remain in insurance firm, signed the largest deal of the quarter, Lower Manhattan and, in some cases, expand throughout 2016. committing to move its New York headquarters from 1 Liberty This market logged 846,000 square feet of new leasing activity Plaza to 131,856 square feet in 4 World Trade Center. The in the third quarter, according to CBRE, bringing year-to-date second largest deal of the quarter also represented a move activity to 2.8 million square feet. Lower Manhattan is down 15% within Lower Manhattan: the Port Authority of New York and compared to this time last year, but both Midtown and Midtown New Jersey will be consolidating its Lower Manhattan offices in South saw notably larger decreases, 20% and 29%, respectively. a 57,245-square-foot office in 80 Pine Street. 2016 has been a strong year so far for top leases from existing The FIRE sector dominated this quarter’s top deals as well tenants, especially from the FIRE sector. More than half of the as in-district moves and expansions and made up more top 20 deals year to date have been taken by tenants moving than 28% of all new leasing activity, according to Jones to new offices within Lower Manhattan or expanding; this Lang LaSalle. 4 World Trade Center, in particular, benefitted represents 848,000 square feet of transactions, an increase from these types of deals. In addition to Zurich, Silverstein of nearly 15% from this type of deal activity in the same period Properties also signed a deal with Global Atlantic Financial in 2015. In addition, three out of the seven deals signed year Company, a financial services company, to open a second to date, representing new activity over 50,000 square feet, office in 44,711 square feet (which is an expansion of its were committments from the FIRE sector. Third quarter activity current 20,326-square-foot office) in 7 World Trade Center. strengthened these trends. Validus Group, a Bermuda-based insurance firm, completed TOP 20 DEALS BY TRANSACTION TYPE AND SF, YTD 2014 - 2016 Source: CBRE, Cushman & Wakefield, Jones Lang Lasalle & Colliers International 3.5 Million 3 Million While large relocations are down, moves within Lower Manhattan and 2.5 Million 1,670,651 expansions among top deals are up. 2 Million 231,489 Square Feet Square 397,315 1.5 Million 848K 470,957 632K 469,653 450,538 In-district Moves & 1 Million Expansions 160,960 276,969 739K 500,000 462,224 1,055,703 818,960 264,714 0 2014 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 Relocation Expansion Moving within LM Renewal New LM Location Up Moving Within LM Lower Manhattan Real Estate Market Overview| Q2 2016 1 Renewal 49.4% Q3 2016 YTD Relocation 10.8% OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE a 24,489-square-foot lease to relocate operations from 48 Wall NEW LEASING ACTIVITY BY INDUSTRY IN Street and expand their Lower Manhattan footprint. With 200,000 LOWER MANHATTAN, Q3 2016* square feet of deals signed in one quarter, 4 World Trade Center is Source: Jones Lang LaSalle now over 80% leased. Education, Health Care & Other Lower Manhattan buildings also benefitted from expanding Nonprofit Government tenants. In the third quarter, QBE North America, an insurance company, signed a lease to expand its footprint at 55 Water Street 26% 24% by 21,149 square feet, for a total of 118,377 square feet in the building. Earlier in the year, the company committed to move Professional & within Lower Manhattan from 88 Pine Street. WeWork leased an Business Services Q3 2016 18% additional 39,099-square-foot floor at 85 Broad bringing its 85 Government Broad commitment to 274,000 square feet and its total Lower New Leasing 20% Manhattan footprint to 814,325 square feet. Activity by NOTABLE NONPROFITS SIGN RELOCATION DEALS Industry While 2016’s largest deals have been focused on existing tenants, TAMI Lower Manhattan did gain a slew of smaller commitments from 15% tenants outside the market in the third quarter, including several noteworthy nonprofits. Overall, the nonprofit sector comprised FIRE Professional 15.2% of all new leasing activity. Among these relocations: Services 28% Other 6% The Solomon R. Guggenheim Foundation, a nonprofit Services • 1% focused on the collection and preservation of art for public Note: Government sector leasing activity Includes NYC Dept. of Finance’s benefit, accounted for the second largest relocation of the * By182,000 square SF footage, lease at NOTE:375 Pearl This Street. data reflects the closing of the NYC quarter. They will be expanding and moving from Hudson Department of Finance lease at 375 Pearl Street in the third quarter. Square in Midtown South into 45,558 square feet at Brookfield’s 1 Liberty Plaza. 2012 - 2016 YEAR-TO-DATE LEASING ACTIVITY BY MANHATTAN SUBMARKET Source: Cushman & Wakefield 14 Million Lower Manhattan posts smallest decline in year-over-year activity. 20% 12 Million 10.89 10 Million MSF 8 Million Square Feet 6 Million 29% 4 Million 15% 2.87 3.19 2 Million MSF MSF 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Lower Manhattan Midtown Midtown South Lower Manhattan Real Estate Market Overview| Q3 2016 2 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE LOWER MANHATTAN TOP LEASES, Q3 2016 Source: Downtown Alliance, CBRE, JLL, CoStar, Colliers International • Demos: A Network For Ideas And Action, a public policy Tenant Name SF Leased Sector organization, signed a 16,500-square-foot lease with 80 Location Transaction Type Broad Street to relocate from Midtown South. 131,856 Zurich American Insurance 1 Moving Within FIRE 4 World Trade Center • The Regional Plan Association, currently in the Con Edison LM building in Union Square, will relocate to One Whitehall The Port Authority of New 57,245 2 York & New Jersey Moving Within Government Street in early 2017, based on a 9,135-square-foot lease 80 Pine Street LM signed this quarter. True Entertainment 49,320 3 TAMI 180 Maiden Lane Relocation MEDIA RELOCATIONS CONTINUE Guggenheim Foundation 45,558 4 Nonprofit 1 Liberty Plaza Relocation The TAMI (Technology, Advertising, Media and Information) sector also accounted for about 15% of new leasing activity this quarter, Global Atlantic Financial 44,711 5 FIRE 4 World Trade Center Expansion which included the following media relocations: 41,986 Hawkins Delafield & Wood Professional • True Entertainment, a television production company for 6 Moving Within 7 World Trade Center Services, Law reality television shows such as (“The Real Housewives of LM Weill Cornell Atlanta”) and its sister firm, Original Media, took 49,000 40,274 7 Medical College Healthcare square feet at 180 Maiden Lane with the largest relocation Expansion 156 William Street deal of the quarter. The firms will be relocating and U.S. Equal Employment 39,721 consolidating operations from the Starrett-Lehigh building 8 Opportunity Commission Government Renewal 33 Whitehall Street and two other buildings in Hudson Square. Professional WeWork 39,099 Modern Luxury Media, a luxury lifestyle magazine 9 Services, • 85 Broad Street Expansion Other publisher, signed a lease for 8,210 square feet at 40 Fulton The Quad Preparatory Street and will be relocating from Midtown South. 36,756 10 School Education Relocation 40 Wall Street New York State While this quarter lacked news of a major relocation or strong 27,030 11 Department of Finance Government Expansion leasing activity, the media revealed that several large deals 1 State Street are in discussion and may close by the end of the year. These Validus Group 24,489 12 FIRE include the New York State Attorney General’s rumored move 4 World Trade Center Moving within LM to 28 Liberty, New York City Department of Investigation’s QBE North America 21,149 13 FIRE consolidation at 180 Maiden Lane and others. 55 Water St Expansion Professional Microtek Computer Labs 20,768 14 Services, IT 180 Maiden Lane Moving within LM Consulting Regional Plan Association Relocates to Enterprise Foundation 20,208 One Whitehall Street 15 Nonprofit 1 Whitehall Street Renewal Booker Software 17,050 TAMI, 16 22 Cortlandt Street Renewal Technology Demos: A Network For 16,500 17 Ideas And Action Nonprofit Relocation 80 Broad Street The Regional Plan Association joins other key Infosys Technologies 13,715 TAMI, 18 One World Trade Center Expansion Technology influencers in the urban planning2 Rector and development Street field in Lower Manhattan across the nonprofit, SimCorp 13,706 19 FIRE private and public sectors. The Department of City 1 State Street Moving within LM Planning and the New York Landmarks Conservancy Professional Argyle Executive Forum 13,130 — as well as the New York City satellite campus of 20 Services, 50 Broad Street Relocation Cornell University’s Art, Architecture, and Planning Other School and many well-known architecture firms, such as Skidmore, Owings, & Merrill and SHoP Architects--are all located south of Chambers Street. Lower Manhattan Real Estate Market Overview| Q3 2016 3 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE VACANCY BELOW 10% FOR SECOND CONSECUTIVE QUARTER Manhattan has shown success in not only keeping major tenants Despite tepid leasing activity, Lower Manhattan was the only downtown, but also enticing them to sign up for new spaces in submarket to reflect a year-over-year drop in its overall vacancy many of the new or upgraded office buildings on the market, such rate which now stands at 9.9%.
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