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Office Snapshot Q4 2018 Long Island City

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Office Snapshot Q4 2018 Long Island City MARKETBEAT Office Snapshot Q4 2018 Long Island City Long Island City Year-In-Review CLASS A Long Island City recorded its slowest year of leasing activity since 2015, yet the announcement of Amazon choosing this market for one of its second headquarters location stole the show in November. With no new leases Inventory: 4.4 msf greater than 100,000 square feet (sf) recorded in 2018, the vacancy rate increased 390 basis points (bps) to 17.0%. Despite slow leasing, asking rents Vacancy: 24.5% continued to appreciate during 2018, reaching $44.08 per square foot (psf) at year-end, driven primarily by the addition of vacant Class A space to the market and construction completions. Class A rents jumped 31.9% year- Leasing Activity YTD: 212,350 sf over-year to $48.31 psf, indicative of landlords’ confidence in increasing demand for newly constructed office product on the horizon. Average Asking Rent: $48.31 psf Long Island City’s designation as “HQ2” has momentous implications for its office market in both the short and long term. In the short term, Amazon’s letter of intent to lease approximately 1.0 million square feet (msf) of space at One Court Square, LIC’s tallest Class A office tower, will bear a large impact CLASS B on vacancy. As Amazon gradually occupies One Court Square, the firm also plans to develop a 4.0-msf complex at Anable Basin on the East River, which Inventory: 6.0 msf will dramatically reshape the 3.7-msf Court Square submarket. Economically, the tech-giant is projecting to create 25,000 jobs with an average salary of $150,000 per annum by 2028, with the potential to create as many as Vacancy: 15.1% 40,000 jobs in the area by 2034. Bolstered by an additional commitment of $3.6 billion in investment, optimism has spread throughout the real estate community surrounding the impact this will have on the Long Island City Leasing Activity YTD: 115,818 sf market. Amazon is not the only driving force behind growth in Long Island City Average Asking Rent: $38.71 psf however, as the market has had an influx of institutional investors building speculative office developments in recent years, including Tishman Speyer, Normandy Real Estate Partners, GFP Real Estate and others. There are OVERALL currently five development sites totaling more than 1.4 msf that are projected to deliver in 2019, with an additional 5.2 msf in the pipeline including Amazon’s Anable Basin. Altogether, this 6.6 msf of development and Inventory: 12.1 msf redevelopment will contribute to more than a 50.0% increase in the Long Island City office market’s inventory. Vacancy: 17.0% Top Leases of 2018 ADDRESS TENANT SIZE (SF) TYPE INDUSTRY Leasing Activity YTD: 367,382 sf 27-01 Queens Plaza North Aramis, Inc. 96,070 Sublease Retail / Wholesale 30-30 47th Avenue —The Factory Spin Master 28,558 New Lease Retail / Wholesale Average Asking Rent: $44.08 psf Metropolitan Life 27-01 Queens Plaza North 21,463 Sublease Insurance Insurance Company MARKET FACT 31.9% The YOY increase in Class A asking rents in Long Island City, due to the addition of higher-priced vacant space © Cushman & Wakefield 2019 MARKETBEAT Office Snapshot Q4 2018 Long Island City Submarket Snapshot QUEENS PLAZA NORTH TOTAL SIZE: 3.0 MSF Q4 18 Q4 17 Vacancy 17.6% 22.1% Absorption 53,013 -211,023 Overall Asking Rents $35.36 $37.07 COURT SQUARE TOTAL SIZE: 3.7 MSF Q4 18 Q4 17 Vacancy 13.2% 6.3% Absorption -301,424 82,770 Overall Asking Rents $54.59 $41.82 FACTORY DISTRICT TOTAL SIZE: 5.4 MSF Q4 18 Q4 17 Vacancy 19.3% 12.2% Absorption -156,231 sf -137,738 sf Overall Asking Rents $43.32 $43.29 Vacancy Rate vs. Overall Asking Rent Richard Persichetti 24.0% $46.00 Vice President $44.08 Tri-State Region Research Lead $44.00 [email protected] 20.0% $42.00 Average Asking Average Rent $/sf Alex Kouwenhoven 17.0% $40.00 $38.22 Research Analyst 16.0% $38.00 [email protected] 12.3% $36.00 12.0% Vacancy $33.20 1290 Avenue of the Americas $34.00 New York, NY 10104 +1 212 841 7500 $32.00 8.0% 6.7% $30.00 4.0% $28.00 $26.00 ©2019 Cushman & Wakefield. All rights reserved. The information contained within 0.0% $24.00 this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to Vacancy Rate Asking Rents its accuracy..
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