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Lee Nyc New York Office 3Q 2018

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Lee Nyc New York Office 3Q 2018 THE OFFICE MARKET REPORT LEE NYC NEW YORK OFFICE 3Q 2018 E V I DR DR F Y WA H G HI E SID T SUBMARKETSES 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 3RD QUARTER 2018 LEE & ASSOCIATES NYC OFFICE Third Quarter METRICS | 2018 | New York Office Market New York Office Metrics Inventory Under Net Leasing Availability Vacancy Direct Sublet Overall Market Measured Construction Absorption Volume Rate Rate Asking Rent Asking Rent Asking Rent (SF) (SF) (SF) | (YTD) (SF) | (YTD) Midtown 224,664,049 2,818,704 11.8% ↑ 7.7% ↓ 1,906,039 11,341,345 $82.06 $64.08 $79.53 Grand Central 72,008,497 1,732,955 10.8% ↓ 7.9% ↓ 1,384,718 3,761,617 $76.40 $61.35 $74.79 Midtown East 25,675,290 290,505 13.0% ↑ 6.6% ↑ (130,144) 1,519,133 $78.58 $59.01 $76.30 Midtown West 20,963,179 90,000 8.1% ↓ 4.8% ↓ (272) 520,542 $76.82 $63.01 $73.15 Plaza District 38,449,692 705,244 14.8% ↑ 11.5% ↑ 322,417 1,776,713 $112.87 $82.69 $110.66 Rockefeller 29,048,420 - 7.9% ↑ 5.1% ↓ 378,909 1,693,914 $83.23 $72.00 $82.60 Times Square 38,518,971 - 15.0% ↑ 7.5% ↓ (49,589) 2,069,426 $73.14 $58.77 $66.76 Midtown South 155,362,963 13,479,812 9.9% ↓ 6.1% − 1,990,851 9,749,326 $75.48 $60.23 $68.70 Chelsea 19,920,413 263,835 9.5% ↓ 6.3% ↓ 689,530 935,569 $65.32 $50.28 $60.39 Gramercy & Flatiron 31,527,675 73,323 7.6% ↓ 3.6% ↑ 245,150 2,373,702 $71.49 $65.19 $69.59 Hudson Square & Tribeca 21,756,443 193,484 15.5% ↓ 8.7% ↑ 183,141 869,653 $85.47 $69.76 $82.50 Murray Hill 13,388,866 - 9.8% ↓ 6.7% ↑ (29,816) 620,862 $61.67 $55.24 $58.70 Penn Station & Garment 55,927,026 12,639,885 9.4% ↓ 6.2% ↓ 764,546 3,783,508 $59.33 $49.01 $56.36 SoHo & NoHo 12,842,540 309,285 8.9% ↓ 5.8% ↓ 138,300 1,166,032 $73.97 $60.45 $71.43 Downtown 107,510,856 19,412 13.1% − 10.0% ↓ 2,084,406 3,741,167 $62.91 $45.34 $61.29 City Hall & Insurance District 26,493,657 19,412 8.5% − 3.0% ↓ 491,525 379,033 $55.41 $44.25 $53.02 Financial District 43,487,310 - 13.4% ↑ 9.6% − 115,467 1,508,701 $61.43 $48.34 $58.76 World Trade Center 37,529,889 - 16.1% ↓ 15.4% ↓ 1,477,414 1,853,433 $63.51 $49.57 $63.14 Manhattan 487,537,868 16,317,928 11.5% ↓ 7.7% ↓ 5,981,296 24,831,838 $73.42 $62.31 $71.27 Arrows are indicative of quarterly changes. 3 MANHATTAN TREND TRACKER 3RD QUARTER 2018 LEE & ASSOCIATES NYC ANALYSIS Third Quarter | 2018 | New York Office Market Manhattan direct asking rents in the third quarter averaged out to $73.42, down Manhattan Asking Rent and Availability Rate $0.63 from the second quarter and $0.82 from a year ago. Leasing volume $78.00 12.0% continues to be strong with approximately 25 million square feet leased year-to- date, causing a decrease in both the available and vacant supply of office space $76.00 11.5% below 65th Street. The availability rate decreased slightly by 10 basis points to $74.00 11.5% (also the five-year average in Manhattan) from 11.6% over the quarter. With 11.0% net absorption positive for the third consecutive quarter, vacancy is at the lowest $72.00 it's been since 2009, when it was averaging 7.2%. Although still distant from $70.00 10.5% reaching such an annual average, the third quarter finished with a vacancy of 7.7%, and we forecast this to continue to remain the same or decrease end-of-year. $68.00 10.0% Nine of the twelve submarkets saw an availability rate decrease, with all six submarkets comprising Midtown South (with a quarterly decrease of 90 basis points 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 from 10.8% to 9.9%). Large blocks of space were signed by coworking giants Asking Rent Availability Rate 5Y Rate Avg. WeWork and Spaces spread across the Penn Station-Garment, Grand Central, Gramercy-Flatiron, Midtown West, Murray Hill, Chelsea, Times Square and Midtown East submarkets. Approximately five to six million square feet need to be Midtown Asking Rent and Availability leased in the next three months, to sustain the current availability rate of 11.5% or $88.00 12.5% have it slightly decrease. The expected delivery of 55 Hudson Yards by Related $86.00 Companies and 441 Ninth Avenue by Cove Property Group in the fourth quarter is 12.0% expected to add approximately 850,000 square feet onto the market. $84.00 11.5% There is currently 16.3 million square feet of office construction below 65th Street; $82.00 with 46 buildings in some planning or construction phase, we're looking at 29.1 11.0% $80.00 million square feet of future availability. 10.5% $78.00 TAMI giant GroupM Worldwide signed a 513,098 square foot deal at Silverstein $76.00 10.0% Properties recently delivered 3 World Trade Center, taking an additional nine floors. The media company initially signed a lease in early 2016 for approximately 170,000 square feet, which increases their footprint to 684,593 square feet and bringing the 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 occupancy rate at the class A property to 43%. Additionally, Silicon Valley's LinkedIn Asking Rent Availability Rate 5Y Rate Avg. Corporation renewed and expanded their operations of approximately 313,000 square feet at the Empire State Building (350 Fifth Avenue). FIRE tenants such as Evercore Partners and Bessemer Trust Company led Midtown in two of the top Midtown South Asking Rent and Availability three largest leases signed. Investment banking company, Evercore Partners signed $80.00 12.0% a 10-year renewal and expansion on 282,673 square feet at Park Avenue Plaza (55 10.0% East 52nd Street), making it the largest lease signing by a FIRE tenant and the $75.00 largest lease signing in the Plaza District, in the third quarter. Bessemer Trust 8.0% Company signed a 15-year new lease at Rockefeller's 1271 Avenue of the Americas $70.00 6.0% for 239,000 square feet across seven floors, with a starting base rent in the low 4.0% $100s. $65.00 2.0% Nearby at 666 Fifth Avenue, Brookfield Asset Management purchased a 99-year $60.00 0.0% leasehold on a 1.45 million square foot office condominium from Kushner Companies for approximately $1.3 billion or $887 per square foot at a 4.9% capitilization rate. Brookfield paid up the entire lease through the 99 year term. 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 Additionally in the office investment sales market, Normandy Real Estate Partners in Asking Rent Availability Rate 5Y Rate Avg. joint venture with L&L Holding and JPMorgan Chase (on behalf of CalSTRS), are in the process of closing on the Terminal Stores (224 Twelfth Avenue) building for $900 million or $853 per square foot. Downtown Asking Rent and Availability $64.00 15.0% $63.00 $62.00 10.0% $61.00 ↓ ↓ ↓ $60.00 5.0% AVAILABILITY VACANCY ASKING RENTS $59.00 $58.00 0.0% ↓ ↑ ↑ DIRECT AVAILABILITY SUBLET AVAILABILITY SUBLET ASKING RENTS 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 Asking Rent Availability Rate 5Y Rate Avg.
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