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Research New Construction Draws Two Fire Tenants Research MANHATTAN MONTHLY SNAPSHOT MAY 2016 New construction Current Conditions draws two fire tenants • Manhattan recorded 3.1 million square feet of leasing in May, driven largely by financial sector activity in Midtown. With a total of 3.1 million square feet leased in May, activity in the Manhattan office market fell right in line with the monthly average recorded over the past • UBS signed the largest deal of the month, renewing its year, despite a drop from the prior month, which saw higher-than-average 890,861 square feet at 1285 Avenue of the Americas. volume of large deals. FIRE (financial, insurance and real estate) tenants • Related Companies’ 10 Hudson Yards project became the remained the primary drivers of market activity, with new construction projects first new office tower to officially open on the Far West Side. attracting several notable commitments this month. Several mid-sized blocks of space hitting the market held overall availability stable at 11.1%. • Overall availability was stable at 11.1%, as the addition of mid-sized blocks countered total leasing. Financial tenants signed four of the five largest deals of the month, the biggest of which saw Swiss banking firm UBS renew its 890,861 square feet Market Analysis of space at 1285 Avenue of the Americas. UBS became the second financial giant to opt to remain in its current offices so far this year, with McGraw Hill Asking Rent and Availability Financial renewing its 900,000 square feet at 55 Water Street in March. $79 12.0% Two new construction projects received significant commitments from $76 11.5% financial firms this month. Schroder Investment Management leased 73,796 $73 11.0% square feet at 7 Bryant Park, becoming the first tenant to lease space in the $70 10.5% building. The 473,672-square-foot tower is now 69% leased, as Bank of China, the building’s owner, plans to occupy 188,208 square feet. $67 10.0% Additionally, financial tech firm Hudson River Trading agreed to relocate from $64 9.5% 32 Old Slip into 69,000 square feet at 4 World Trade Center. May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 A major construction milestone was reached on the Far West Side this Average Asking Rent (Price/SF) Availability (%) month, as Related Companies’ 10 Hudson Yards became the first office tower to officially open its doors at the rail site. The tower is nearly fully leased and will house the new offices of Coach, L’Oreal and Boston Net Absorption Consulting Group, among others. Square Feet 400,000 Manhattan asking rents finished the month at $76.29/SF, up 9.1% from $69.91/SF in May 2015. While year-over-year rent growth remains 200,000 substantial, the rate of increase has decelerated in recent months. 0 -200,000 Midtown -400,000 Midtown leasing was strong with 2.3 million square feet of activity in May, including the aforementioned UBS renewal. Financial tenants were highly -600,000 active in the Grand Central submarket this month. Federal Home Loan Bank May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 of New York leased 66,231 square feet at 101 Park Avenue, while GE Capital leased 42,989 square feet at 285 Madison Avenue. With two mid-sized blocks coming online in the Park Avenue submarket, availability held flat at 11.5%. Market Summary Midtown South Current Prior Year Ago 12 Month Month Month Period Forecast Midtown South leasing activity was relatively subdued in May. TAMI firms signed the largest deals, with The Nielsen Company leasing 43,529 square Total Inventory 443.2MSF 443.2MSF 443.5MSF feet at 675 Avenue of the Americas and software designer Orchard App inking 26,000 square feet at 386 Park Avenue South. Blocks of mid-sized Availability Rate 11.1% 11.1% 11.3% sublease space hit the Chelsea submarket, holding availability flat at 8.0%. Monthly Net Absorption -137,839 13,774 -333,153 Average Asking Rent $76.29 $76.19 $69.91 Downtown Downtown activity remained quiet for the second consecutive month, with the Under Construction 9.6MSF 11.4MSF 10.7MSF aforementioned Hudson River Trading deal marking the largest lease signed in May. With two mid-sized blocks coming online in Downtown East, the availability rate was stable at 12.1%. Research MANHATTAN MONTHLY SNAPSHOT MAY 2016 Significant Lease Transactions Tenant Address Market/Submarket Type Square Feet UBS 1285 Avenue of the Americas Midtown, Sixth Ave/Rock Ctr. Renewal 890,861 Swiss banking giant opted to renew its 890,861-square-foot offices at 1285 Avenue of the Americas Schroder Investment Management 7 Bryant Park Midtown, Times Square South New 73,796 Financial services firm signed to relocate from 875 Third Avenue to 7 Bryant Park, where it will occupy 73,796 square feet on floors 17 through 21. Hudson River Trading 4 World Trade Center Downtown, Downtown West New 69,000 Financial technology company leased 69,000 square feet on the 57th and 58th floors at 4 World Trade Center. The firm will relocate from 32 Old Slip. Federal Home Loan Bank of NY 101 Park Avenue Midtown, Grand Central New 66,231 Home financing provider opted to relocate and expand within 101 Park Avenue, leasing 66,231 square feet on the sixth and seventh floors. The Nielsen Company 675 Avenue of the Americas Midtown South, Chelsea New 43,529 Consumer analytics firm leased 43,529 square feet on the third and fourth floors at 675 Avenue of the Americas. Market Statistics Total Monthly Net YTD Net May-16 Total Apr-16 Total May-15 Total May-16 Avg. Apr-16 Avg. May-15 Avg. Inventory Absorption Absorption Availability Availability Availability Asking Rent Asking Rent Asking Rent (SF) (SF) (SF) Rate Rate Rate (Price/SF) (Price/SF) (Price/SF) Midtown - A 217,073,417 -72,468 455,418 11.9% 11.9% 11.6% $87.99 $87.75 $82.91 Overall 278,243,626 -80,055 147,539 11.5% 11.5% 11.2% $82.63 $82.41 $77.35 Midtown South - A 14,564,835 30,908 52,345 2.4% 2.6% 2.7% $89.27 $87.09 $83.13 Overall 72,520,525 -99,865 -610,900 8.0% 8.0% 8.5% $71.79 $72.12 $66.69 Downtown - A 71,711,726 67,820 322,121 12.6% 12.7% 15.2% $62.42 $62.54 $58.38 Overall 92,450,458 42,081 73,580 12.1% 12.2% 13.9% $61.31 $61.44 $56.58 Manhattan - A 303,349,978 26,260 829,884 11.6% 11.7% 12.0% $81.25 $81.03 $74.35 Overall 443,214,609 -137,839 -389,781 11.1% 11.1% 11.3% $76.29 $76.19 $69.91 Data through May 31, 2016 New York City HEADQUARTERS 125 Park Avenue New York, NY 10017 212.372.2000 Jonathan Mazur Stephanie Jennings David Chase Managing Director, Research Tri-State Director, Research Senior Research Analyst 212.372.2154 212.372.2099 212.372.2261 [email protected] [email protected] [email protected] Newmark Grubb Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and refinement in our data, there may be adjustments in historical statistics including availability, asking rents, absorption and effective rents. Newmark Grubb Knight Frank Research Reports are available at www.ngkf.com/research All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Grubb Knight Frank (NGKF) has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of NGKF. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of NGKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains. 2.
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