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1Q 2017 Market Office Report (Trend Tracker)

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1Q 2017 Market Office Report (Trend Tracker) THE OFFICE MARKET REPORT LEE NYC MANHATTAN TREND TRACKER 1Q 2017 E V I DR DR F SUBMARKETS Y WA H G HI E SID T ES W W 65TH ST T E 65TH ST ES W ARK P BROADWAY RAL T EN 1ST AVE C 5TH AVE MIDTOWN WESWESTT CENTRAL PARK SOUTH LEXINGTON AVE W 57TH ST E 57TH ST MIDTOWN PLPLAZA DIISSTTRRICICTT MIDTOWNTOWN EAEASSTT MIDTOWN SOUTH 8TH AVE 0TH AVE 1 RROCKEFELEFELLLEERR E IV Y E 49TH ST A W 49TH ST BROADWAY W CENTECENTERR H FDR DR G I H E D I S T S TIMESTIMES SSQQUAUARREE E DOWNTOWN W GRRAND CECENTTRRALL W 42ND ST E 42ND ST 1ST AVE AVENUE OF THE AMERICAS PPENENN SSTATATIONTION || GAGARRMENT DISTDISTRRICICTT MURRAY HIILLLL W 34TH ST E 34TH ST 5TH AVE BROADWAY LEXINGTON AVE E V A H H 2T 1 CCHEELLSESEA 1ST AVE W 23RD ST E 23RD ST GRRAMERRCYCY || FFLLATITIRORON 0TH AVE 8TH AVE 1 AVENUE OF THE AMERICAS BROADWAY W 14TH ST E 14TH ST E V E RI V A D E R R H T D V 1 F 1 GANESEVOORT ST A EEASTT H T 5 RRIVIVIVEERR AVE A 1ST AVE W 4TH ST HUDSON SQ.. E 4TH ST || TTRRIBECIBECA Y HUDSOSON T WA S D SSOHO || NOHO E HOUSTON ST RRIIIVEVERR RICA W HOUSTON ST BROA HUDSON S HUDSON ME Y HE A HE R T W HOUSTON ST E W OF OF DELANCEY ST E BO Y NU ALLEN ST ALLEN T A E V W K S K A DELANCEY ST D C I R T A V ST S ST E CANAL ST BROA W W T E S E R CANAL ST T Y LIN S A ENT ANK W FR C WORTH ST BROAD CITYCITY HALLL CHAMBERS ST || IINSNSUURRANCEANCE DIISSTTRRICICTT PARK PL PARK ROW VESEY ST VESEY ST T WORLRLD S M TTRRADEE A LLI I T S CECENTETERR W ER T L A W T Y PY T Y INI WA WALL S TR T GOLD S OAD FINAFINANCIACIALL R B DIISSTTRRICICTT BEAVER ST BATTERYPL 2 MANHATTAN TREND TRACKER 1ST QUARTER 2017 LEE & ASSOCIATES NYC MARKET SUMMARY 2017 | 1Q Manhattan Office Total Total Total Direct Sublease Overall Inventory Available Under Vacancy Availability Net Asking Asking Asking Market (MSF) Total Construction Rate Rate Absorption Rent Rent Rent (Rnd.) (SF) (SF) (%) (%) (SF) ($PSF) ($PSF) ($PSF) Midtown 223 27,203,064 9.0% 12.2% -650,394 2,724,099 $83.92 $56.93 $80.31 Grand Central 71 9,428,776 9.3% 13.2% (138,550) 1,732,955 $77.09 $51.82 $73.21 Midtown East 25 2,244,743 4.6% 8.9% (16,763) 90,505 $73.63 $63.04 $69.86 Midtown West 20 1,544,969 5.4% 7.6% (350,393) 94,211 $86.05 $53.27 $82.34 Plaza District 39 6,285,111 11.6% 16.1% (111,627) 806,428 $112.86 $80.65 $108.67 Rockefeller Plaza 29 2,828,180 10.8% 9.9% 84,105 - $77.48 $60.07 $72.74 Times Square 38 4,871,285 9.4% 12.8% (117,166) - $74.81 $69.32 $73.55 Midtown South 153 15,674,962 7.3% 10.3% -823,531 9,704,596 $67.40 $51.65 $64.43 Chelsea 18 1,694,995 6.8% 9.3% (150,355) 877,867 $61.37 $46.01 $56.62 Gramercy | Flatiron 30 2,210,239 4.8% 7.3% (142,451) 73,323 $70.17 $58.12 $68.34 Hudson Square | Tribeca 22 2,846,810 10.8% 13.1% (42,930) - $84.92 $63.90 $81.23 Murray Hill 13 1,356,030 8.8% 10.4% 33,020 - $61.81 $45.78 $58.62 Penn Station-Garment 57 6,220,793 7.4% 11.0% (410,880) 8,494,465 $62.13 $47.29 $59.43 SoHo | NoHo 13 1,346,095 6.2% 10.7% (109,935) 258,941 $76.39 $62.52 $74.84 Downtown 105 12,687,681 9.3% 12.1% 100,594 2,861,402 $62.20 $47.18 $60.76 City Hall | Insurance Dist. 27 1,719,435 4.6% 6.4% (49,160) - $53.05 $42.43 $51.83 Financial District 43 6,459,333 10.1% 14.9% 165,663 - $61.15 $52.74 $58.78 World Trade Center 34 4,508,913 11.9% 13.1% (15,909) 2,861,402 $63.01 $54.97 $62.61 Manhattan 481 55,565,707 8.5% 11.6% -1,373,331 15,290,097 $73.81 $56.71 $71.13 Commenced with report, 1Q 2015, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on office buildings with a minimum rentable building area of 100,000 square feet, with the exception in the submarket of SoHo/NoHo, which uses metrics based on office buildings with a minimum rentable building area of 50,000 square feet. Lee & Associates Office Metrics comprise data representing existing office buildings for Classes A, B and C. Since new metric methods have been applied, the correlation of data for this report (and all reports since 1Q 2015) will have no bearing over the reports previously published by Lee & Associates (prior to 1Q 2015). 1. Arrows are an indication based on quarter-over-quarter movements. 2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account. 3. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that include office as a secondary or tertiary use are excluded. All proposed new construction buildings were excluded. Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document. 3 MANHATTAN TREND TRACKER 1ST QUARTER 2017 LEE & ASSOCIATES NYC MIDTOWN idtown vacancy and availability rates increased 60 and 20 basis with only the Financial District behind it at 120 basis points less. Due to Mpoints respectively, to 9% and 12.2% to finish the first quarter in the slow activity in leasing, the submarket experienced a negative net 2017. Leasing activity took a dive with preliminary figures of approximately absorption of -111,627 SF. Asking rents decreased $0.70 to $108.67 2.5 million square feet leased this quarter compared to 4 to 6 million compared to $109.37 last quarter. Starting rents decreased 1.2% or $1.10 square feet leased in each of the last three quarters. Overall asking rents to $92.42 compared to $93.52 quarter-over-quarter. Net effective rents decreased for the second consecutive quarter to $80.31 from $81.50 in in the submarket average out to $87 for the past two quarters, down $2 2016 Q4and $83.77 in 2016 Q3. Rents are down in five of the six Midtown compared to the past four rolling quarters. Notable Deals: Robins Kaplan submarkets with the exception of Midtown West. Nevertheless, base rents relocated from 601 Lexington Avenue to 399 Park Avenue, leasing 38,000 are up 2.16% or $1.59 quarter-over-quarter to $75.13. SF on the entire 36th floor and partial on the 37th floor, for approximately five years with a rent in the low $60’s. Grand Central leasing activity fell below one million square feet for the first time in five years. Quarter-over-quarter leasing activity is down 23%. Rockefeller Plaza leasing activity remains one of the most volatile Approximately 995,000 SF was leased compared to last quarter’s adjusted in Manhattan. After increasing 45% in the fourth quarter of 2016, it has figure at 1,296,239 SF. Although vacancy is up 30 basis points to 9.3%, decreased approximately 70% in the first quarter (the NewsCorp lease it’s below the 2016 annual average of 9.5%. Availability rate remains stable extension is not inclusive in this statistic). Nevertheless, with large amounts at 13.2%. Asking rents barely changed and are $73.21; with base rents of space that were put on the market along Avenue of the Americas, and only up slightly to $66.16 from $65.94. Notable Deals: Tommy Hilfiger existing space becoming vacant, the submarket’s vacancy and availability relocated to 285 Madison Avenue from 601 West 26th Street (Starrett- rates both increased. Vacancy increased 170 basis points to 10.8% Lehigh Building) taking approximately 200,000 SF on the 2nd through 11th compared to 9.1% quarter-over-quarter. Availability increased only 20 floors, in a 15-year lease with a starting rent in the mid-$60’s. W.W. Norton basis points to 9.9% from 9.7% in the same timeframe. Despite the extra & Company renewed their 95,643 SF space at 500 Fifth Avenue (floors 5 inventory, the submarket experienced a consecutive quarter of positive through 9) for another 20 years, with a reported asking rent in the mid- net absorption, albeit 74% less than the previous quarter. Asking rents $60’s. WeWork Companies leased 58,352 SF at 575 Fifth Avenue (floors 14 decreased $6.08 to $72.74 compared to $78.82 quarter-over-quarter. through 17) for 15 years with a starting rent in the high $60’s. Notable Deals: 21st Century Fox expanded their footage at 1211 Avenue of the Americas by 127,672 SF on 42nd through 44th floors. McGuirewoods Midtown East leasing activity was sluggish compared to last year’s LLP took 41,900 SF at 1251 Avenue of the Americas (Mitsui Building) in a 10 quarters, with preliminary figures of just below 100,000 SF leased in Q1.
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