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Cresa New York
450 Lexington Avenue
32nd Floor
New York, NY 10017
212.758.3131 tel
212.980.1977 fax
Email
Map/Directions

Contacts

Mark Jaccom
President and Managing Principal
Email
212.687.4084 tel

New York

  • Midtown North 3Q 2014

    Class A

    Supply
    191.1 MMSF
    Vacancy
    8.6%
    Absorption
    573,300 SF
    Avg. Lease Rate
    $74.81
  • Midtown North 3Q 2014

    Class B

    Supply
    25.4 MMSF
    Vacancy
    5.4%
    Absorption
    82,800 SF
    Avg. Lease Rate
    $56.50
  • Midtown South 3Q 2014

    Class A

    Supply
    43.0 MMSF
    Vacancy
    81%
    Absorption
    -258,000 SF
    Avg. Lease Rate
    $62.59
  • Midtown South 3Q 2014

    Class B

    Supply
    87.3 MMSF
    Vacancy
    6.5%
    Absorption
    785,700 SF
    Avg. Lease Rate
    $58.52
  • Downtown 3Q 2014

    Class A

    Supply
    87.2 MMSF
    Vacancy
    11.7%
    Absorption
    2,092,800 SF
    Avg. Lease Rate
    $57.50
  • Downtown 3Q 2014

    Class B

    Supply
    30.5 MMSF
    Vacancy
    5.7%
    Absorption
    61,000 SF
    Avg. Lease Rate
    $44.71

Cresa's New York City Office tracks local real estate market statistics in the five boroughs of New York City: Manhattan, Brooklyn, Queens, the Bronx and Staten Island. The Office's primary focus is in the Manhattan submarkets of Midtown North, Midtown South and Downtown.

The City is home to perhaps the most broadly diversified array of companies operating within any of the world’s largest metropolitan areas. Manhattan remains the undisputed international hub for the financial services industry and, in addition, it is home to many of the world’s leading law firms and other professional services firms. 

The City continues to attract an ever-widening range of creative services firms, including internet-based/technology companies, media organizations, publishing and communications entities. Such fast-growth organizations as Amazon, Google, Twitter, Gilt, Huffingtonpost.com and Facebook continue to expand here.

Cresa is active within the Manhattan office market on a daily basis and our professionals are knowledgeable about all significant current trends and market conditions.  We offer unparalleled experience in addressing the needs of the business community - - whether finding the perfect space, negotiating favorable lease terms or arranging the optimal space layout, our team offers a range of invaluable resources to help tenants find the best solutions to their occupancy needs.

People

Jamie Addeo Senior Advisor 212.687.4136
Helen Ball Business Manager 212.687.0534
Bruce Beegel Advisor 212.687.4329
Peter Brestovan Advisor 212.687.4361
Andrew Chase Advisor 212.687.4390
Kira Cromer Administrative Assistant
Howard Cross Principal 212.687.4159
Justin Halpern Senior Advisor 212.687.4164
S. Kent Holliday, AIA Principal, Consulting Services 212.687.1939
Mark Jaccom President and Managing Principal 212.687.4084
Harold D. Kahn Managing Principal, Operations & Administration 212.687.4127
Keith Keppler Senior Vice President, Consulting Services 212.687.1954
Peter Kozel, Ph.D. Principal, Consulting Services 212.687.0629
Samuel Maldonado Research Director, Consulting Services 212.687.3131
Sam Mann Advisor 212.687.4365
Mike McKenna Senior Advisor 212.687.4183
Dolores Minardi Senior Advisor 212.687.4176
Stephen Naidu Advisor 212.687.4309
Jonathan Ortiz, CPA Vice President, Consulting Services 212.687.1372
Martha Pellegrino Senior Vice President, Project Management 212.687.1695
Nelcol Philip Controller 212.687.0652
James A. Pirot Principal, Project Management 212.687.1048
Michael Plavin Advisor 212.687.4192
Marcus Rayner Managing Principal 212.687.4103
Jane Roundell Principal 212.687.4195
Wes Rudes Principal 212.687.4206
Stephen Santoro Principal 212.687.4240
Robert J. Sattler Advisor 212.687.0738
Elyse Schindler-Candella, Esq. Senior Advisor 212.687.4150
Barbara Singleton Receptionist
Michael Smith Senior Advisor 212.687.4243
Luca Smoleac Research Associate
Barry C. Spagna Advisor 212.687.4294
Robert P. Stella Principal 212.687.4306
Eric Thomas Principal 212.687.4314
Mark Toubin Senior Advisor 212.758.3131
Hillary Walter, LEED AP ID + C Vice President, Consulting Services 212.687.1958
Ed Wartels Senior Advisor 212.687.4319
Sander Williams Vice President, Project Management 212.687.3131
Geoffrey E. Wowk Vice President, Consulting Services 212.687.1629

News

Subleases & Sales

Property Available Space Rental Rate
Sublease: 75 Maiden Lane - Roofdeck - 11,600 SF
75 Maiden Lane
Between William & Gold Streets
New York, NY
11,600 SF Aggressively Priced
Sublease: 75 Maiden Lane, 11th Floor
75 Maiden Lane
New York
5,583 SF Upon Request
Sublease: 2500 Halsey Street
Bronx, New York
74,060 RSF Upon Request

Project Management



The build-out of your new workspace is not something you want to undertake alone. Our project management team is your assurance that it will happen in a timely, cost-effective way. 

We are true tenant advocates — we understand that the interests of landlords and developers are not at all the same as yours. We can run the entire project. We’ll advise on all issues of programming, feasibility, and other challenges that may affect the build-out. We’ll negotiate with the landlord, hire the architects, engineers, and any other consultants, looking out for your interests at every turn. And we’ll make sure you get the working environment you pay for — and that your people expect — by taking complete control of the following:

  • Budget — We take charge of the spending for your project, advising you of any issues and pointing out possible savings
  • Schedule — We oversee the construction schedule, informing you of key dates, making sure you have time to plan your move without disruption
  • Plans — We create a rough outline of how your space will be built out, then we select the architect to draw it up formally
  • Permits — We take care of obtaining any permits necessary for the construction of your space
  • Vendor Selection — We oversee the hiring and supervision of: designers, contractors, voice/data suppliers, and other suppliers
  • Coordinate Installs — We supervise the installation of carpet, paint, trim, wiring, lighting, system furniture, and other items required in a working office
  • Relocation Management — We can implement your entire move — hiring the mover, packing and unpacking, setting up computers, etc. — so your people can keep working with as few distractions as possible


Contact:

James A. Pirot
Principal, Project Management
212.687.1048
JPirot@cresa.com

Martha Pellegrino
Senior Vice President, Project Management

212.687.1695
MPellegrino@cresa.com

Why Cresa?


Manhattan Office Market Executive Summary

Steady Demand for Manhattan Office Space in Third Quarter

Considering New York City’s pivotal position in the global economy, Manhattan’s office market performed quite well in the third quarter even as there was increased volatility and uncertainty in the global financial markets and growing concern about the pace of overall economic activity. 

Despite these challenges, Manhattan’s office sector maintained its stride in the third quarter. The overall Class A office average asking rent increased, reaching $68.00/sf from $67.90/sf in the second quarter. Class B rents also moved ahead, rising to $55.82/sf from $54.60/sf. In fact, for the majority of Manhattan’s submarkets, asking rents increased in the third quarter. 

For Manhattan as a whole, there was a slight uptick in the Class A availability rate, reaching 12.4 percent in the third quarter from 12.2 percent in the second quarter. This small increase resulted from the addition of new construction entering the market. The Class B availability rate was unchanged at 10.3 percent. 

Leasing slowed in the third quarter, with 8.4 million square feet of deals completed, 27 percent below the level in the second quarter of 2014. During the last two years many large occupiers took advantage of plateauing rent levels in the Midtown North market and the ample availability of space options in the Downtown market to close deals that set their occupancy costs for many years into the future. The hesitation in leasing activity in the third quarter may just reflect the fact that some transactions were completed earlier than is customary. 

Solid Business Trends
New York City’s economy sustained its strong growth pattern into the third quarter. In the third quarter, total employment in the City exceeded the previous peak level reached in 2008 by 6.9 percent. If employment growth for the U.S. as a whole had performed as well as it has in New York City, there would be 8,725,000 more jobs in the country now than actually exist.

Each Major Market Participated in Sturdy Performance
Midtown North’s Class A availability rate declined to 11.9 percent from 12.6 percent in the second quarter of 2014. Most of Midtown North’s major submarkets reported some reduction, with the Grand Central and Plaza District both recording the most significant declines. Midtown North’s Class A average asking rent increased in the third quarter, up to $74.81/sf from $74.51/sf in the second quarter.

Midtown South remains one of the most robust real estate markets in the United States; and its success has made it subject to a complex set of forces. The escalation in rent levels has generated changes in tenancies, with some existing tenants being priced out of the Midtown South market. Also, higher rent levels and market valuations prompted major renovations to existing buildings, creating new supply. In addition, millions of square feet of new development are underway. Consequently, the Class A availability rate increased to 10.6 percent in the third quarter from 9.1 percent in the second. This increase was driven by the inclusion in the inventory of available stock of two buildings under construction in the Penn Plaza submarket. 

Asking rents for Class B space in Midtown South’s various submarkets pushed higher in the third quarter.

The inclusion of the new World Trade Center buildings in the total inventory along with the continued demand for space Downtown resulted in an increase in the average asking rent, with Class A space increasing to $57.50/sf from $55.57/sf in the second quarter.

Aside from the World Trade Center submarket, Class A availability rates trended down. The Insurance District submarket saw a decline to 6.8 percent from 8.1 percent in the second quarter; and the Financial District fell to 11.8 percent from 12.5 percent. City Hall remained at 12.5 percent. Excluding WTC buildings 1, 3, & 4, the WTC Submarket’s availability rate was 10.7%.

Even though obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein.