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2019 Q3 NEW3Q 2019 YORK New OFFICE York Marketoffice TREND and ANALYSIS Market Trend and Analysis

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2019 Q3 NEW3Q 2019 YORK New OFFICE York Marketoffice TREND and ANALYSIS Market Trend and Analysis 3Q 2019 New York Office Market Trend and Analysis 2019 Q3 NEW3Q 2019 YORK New OFFICE York MARKETOffice TREND AND ANALYSIS Market Trend and Analysis The Manhattan office market finished the third quarter with another Manhattan Asking Rent and Availability Rate recordThe Manhattan high for office average market asking finished rents. the third They quarter increased setting 1.5% another from 2Qrecord to $77.61, high of average which isasking 5.7% rents. higher This thantime increasinga year ago. 1.5% Asking from 2Q rents to $80.00 12.0% have$77.61 increased and is 5.7% every higher consecutive than a year ago. quarter Asking since rents have3Q 2018. increased Direct The Manhattan office market finished the third quarter setting another Manhattan Asking Rent and Availability Rate 11.5% askingevery consecutive rents increased quarter in since 12 out3Q2018. of 15 Direct office asking submarkets. rents increased in $75.00 12record out ofhigh 15 of office average submarkets. asking rents. This time increasing 1.5% from 2Q to $80.00 12.0% 11.0% Recent $77.61 andnew is 5.7%construction higher than deliveries a year ago. contributed Asking rents haveto the increased increase every consecutive quarter since 3Q2018. Direct asking rents increased in $70.00 11.5% inRecent rents, new mostly construction in Midtown deliveries South’s definitely far contributedwest side. to There’s the increase over in $75.00 10.5% 600,000rents,12 out which of square15 officeis mostly feet submarkets. in available Midtown South'sbetween far Onewest side.Manhattan There's overWest, 30 11.0% Hudson600,000 squareYards, feet 55 availableHudson between Yards, Oneand Manhattan 40 Tenth West,Avenue, 30 Hudson where $65.00 10.0% Recent new construction deliveries definitely contributed to the increase in $70.00 askingYards, 55rents Hudson are Yardswell andover 40 $100 Tenth perAvenue, square where foot. asking Such rents rents are well are 10.5% rents, which is mostly in Midtown South's far west side. There's over commonlyover $100 per seen square in thefoot. Plaza Such rents District, are seen which commonly saw an in theincrease Plaza in 600,000 square feet available between One Manhattan West, 30 Hudson $65.00 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 10.0% District, which saw an increase in rents by $1.38 to $118.31 quarter-to- rentsYards, by 55 Hudson$1.38 toYards $118.31 and 40 Tenthquarter-to-quarter Avenue, where andasking are rents up are $5.44 well Asking Rent Availability Rate 4Y Rate Avg. year-over-year.overquarter $100 and per is upsquare $5.44 foot. year Such-over rents-year. are seen commonly in the Plaza 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 District, which saw an increase in rents by $1.38 to $118.31 quarter-to- ThoughThough leasingleasing volume volume decreased decreased to 7.9 tomillion 7.9 squaremillion feet square or 26% feet from (or Asking Rent Availability Rate 4Y Rate Avg. quarter and is up $5.44 year-over-year. Midtown Asking Rent and Availability 26%) quarter from-to- quarter,quarter-to-quarter, leasing activity leasing remained activity high and remained strong ending high the and strongthird quarter. to end Wethe forecastthird quarter. high leasing We forecast volumes highto continue leasing into volumes the next to $88.00 13.0% Though leasing volume decreased to 7.9 million square feet or 26% from Midtown Asking Rent and Availability continuequartertwo quarters;-to into-quarter, thedue nextto leasing a strong two activity quarters. local andremained Thisnational is high due economy, and to astrong strong with ending strong local the andjob $86.00 12.5% nationalthirdnumbers quarter. economy, and lowWe unemploymentforecast with strong high leasing job rates; numbers volumes followed andto by continue anlow increased unemployment into the appetite next $88.00 13.0% rates, followed by an increased appetite of technology companies $84.00 12.0% twoof technology quarters; duecompanies to a strong moving local into and and national expanding economy, in Manhattan, with strong new job $82.00$86.00 12.5% movingconstructionnumbers intoand deliverieslowand unemployment expanding and an increased rates;in Manhattan, followed role of startups by annew increased keeping construction thisappetite office 11.5% $80.00$84.00 12.0% deliveries,marketof technology so active.and companies an increased moving roleinto andof startupsexpanding keeping in Manhattan, this newoffice $82.00 11.0% market construction so active. deliveries and an increased role of startups keeping this office $78.00 11.5% $80.00 TAMImarket (Technology so active. -Advertising-Media-Information) tenants continued to $76.00 10.5% TAMI (Technology-Advertising-Media-Information) tenants $78.00 11.0% drive the demand for large blocks of space. Four of the largest TAMI deals continued to drive the demand for large blocks of space. Four $76.00 10.5% TAMIwere all(Technology signed in the-Advertising downtown-Media area.-Information) Spotify continued tenants its continuedexpansion toat 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 of the largest TAMI deals were all signed in the downtown area. thedrive World the demand Trade Center, for large subleasing blocks of 85,666 space. squareFour of feet the atlargest 4 World TAMI Trade deals Spotify continued its expansion at World Trade Center, subleasing Centerwere all (26th signed & 27thin the floors). downtown Joining area. Spotify Spotify at thecontinued World Tradeits expansion Center isat Asking15Q4 16Q1 Rent16Q2 16Q3 16Q4 17Q1 Availability17Q2 17Q3 17Q4 Rate18Q1 18Q2 18Q3 18Q4 4Y19Q1 Rate19Q2 Avg.19Q3 85,666 square feet at 4 World Trade Center (26th & 27th floors). Uberthe World Technologies, Trade Center, which subleasing signed a new 85,666 lease square at 3 World feet at Trade 4 World Center Trade JoiningCenter (26thSpotify & 27th at World floors). Trade Joining Center Spotify is at Uber the World Technologies, Trade Center which is Asking Rent Availability Rate 4Y Rate Avg. (43rd to 49th floors) for 307,970 square feet for 11 years. The signedUber Technologies, a new lease which at 3 signed World a newTrade lease Center at 3 World (43rd Trade to 49th Center floors) Midtown South Asking Rent and Availability transportation tech leader will be consolidating their Manhattan office for(43rd 307,970 to 49th floors)square for feet 307,970 for square11 years. feet forThe 11 years.transportation The tech operations and relocating from 1400 Broadway and the Terminal Stores $100.00 Midtown South Asking Rent and Availability 15.0% leadertransportation will be consolidatingtech leader will betheir consolidating Manhattan their office Manhattan operations office and (261-271 Eleventh Avenue). Advertising giant, Publicis Groupe signed a 20 relocatingoperations from and relocating 1400 Broadway from 1400 and Broadway the Terminal and the StoresTerminal (261-271 Stores $100.00 $80.00 15.0% year lease term to renew 682,883 square feet and expand by 277,339 Eleventh(261-271 EleventhAvenue). Avenue). Advertising Advertising giant giant, Publicis Publicis Groupe Groupe signedsigned a 20 a 10.0% square feet at 375 Hudson Street, bringing their footprint at the building to $60.00$80.00 20-yearyear lease lease term term to renew to renew 682,883 682,883 square feet square and expand feet and by 277,339expand by 10.0% 960,222 square feet. $40.00$60.00 277,339square feet square at 375 feet Hudson at 375 Street, Hudson bringing Street, their footprint bringing at their the buildingfootprint to 5.0% 960,222 square feet. $40.00 at the building to 960,222 square feet. $20.00 5.0% Most notably is the indicative trend of large tech giants giving more weight $20.00 $- 0.0% TechMostto the giantsnotably term, Silicon iscontinue the Alley,indicative towith expand trend the largest of inlarge of“Silicon techthem giants all Alley,” creating giving with amore block Google weight-by- $- 0.0% creatingtoblock the campus. term, a block-by-block Silicon Google Alley, continues with campus the to largest expand in ofthe gradually, them southwestern all creatingtaking over a portionblock more-by of-of Midtowntheblock southwestern campus. South. Google After portion continues expanding of Midtown to expand at South. 85 Tenthgradually, After Avenue, expanding taking over57 at Eleventh85 more Tenth of 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 Avenue;the southwestern 57 Eleventh portion Avenue of Midtown(Pier 57); South.345 Hudson After expandingStreet and at315 85 Hudson Tenth 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 Avenue (Pier 57), 345 Hudson Street, and 315 Hudson Street, Asking Rent Availability Rate 4Y Rate Avg. theStreet,Avenue; tech the 57behemoth tech Eleventh behemoth Avenue committed committed (Pier 57); to to345Oxford Oxford Hudson Property Property Street andGroup'sGroup’s 315 newHudson new Street, the tech behemoth committed to Oxford Property Group's new Asking Rent Availability Rate 4Y Rate Avg. developmentdevelopment ofof 1.3 1.3 million million square square feet feetat 550 at Washington 550 Washington Street (St. Street development of 1.3 million square feet at 550 Washington Street (St. (St.John's John’s Terminal). Terminal). Delivery Delivery of the new of the premises new premises is slated for is 1Qslated 2023, for where 1Q Downtown Asking Rent and Availability John's Terminal). Delivery of the new premises is slated for 1Q 2023, where Downtown Asking Rent and Availability 2023,Google where will occupy Google the willclass occupy-A, COOKFOX the class-A, designed COOKFOX building & pay designed rents startingGoogle willin the occupy low $70s the class and -intoA, COOKFOX the high $80sdesigned at the building end of &its pay lease.
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