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Entries Tagged as 'New York Office Space'

Report: Office Rental Markets Improving

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The Real Deal March 31, 2011 Office rents and absorption will rise over the next two years in urban and suburban business districts, according to Cushman & Wakefield's office market forecast released today. Though office rents remain low in the U.S., the report determined that a lack of new supply coupled with rising demand will force rents upward in half of all central business districts - or urban business centers - by 2013. And while 2010 saw just 2.2 million square feet absorbed in cities, by 2012 that number should grow more than six-fold to 13.9 million square feet. New York City will lead the charge, along with Washington D.C., Boston, Seattle and Chicago, as those areas will combine to account for nearly two-thirds of that space. Suburban office vacancies will also decline between now and 2013, but at a slower rate than those of central business districts. Almost half of all suburban markets will see office rent declines between now and 2013, and five areas - including Miami - will see office rents dip below 2010 bottoms.

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Wall Street Office Space Rents 18% Lower than Manhattan's Average

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According to a study by Studley Inc, asking rents for buildings at the one-time mecca of global finance have fallen to among the lowest in Manhattan after ranking as some of the priciest as recently as 2008. Wall Street landlords are seeking rates about 18% less than the city average, hurt by years of exodus by financial firms looking for bigger, more modern offices.

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The Evolution of the World Trade Center To Its Finish

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Here is a facinating short video of how the construction of the World Trade Center in Manhattan will progress.

Manhattan Office Space , New York Office Space , Video

Good News on Office Space Recovery Continues

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Good news regarding the office space market seems to be abundant now-a-days. I was just reviewing my Google alerts for office vacancy and office space and came across quite a few positive headlines.  Here are a few:

Jobs will fuel an office market recovery
Michigan Business Review -

Twitter hunts for Manhattan office space
The Real Deal New York (blog)

Dubai office occupancy set to go up

Manhattan Business Center Expands by Opening Fourth Office Center (press release)

Record Occupancy Levels for Birmingham Office (blog)

Brisbane office market bounces back
Queensland Business Review

Commercial real estate recovering
Daily Press

Key Economic Indicators Hint At Local Recovery
SF Weekly (blog)

Recession over--sort of--and recovery underway

Office spaces outside of CBD to yield higher rents due to growing demand
Channel News Asia

Amazon's Hiring Spree Will Fill 1.7 Million Square Feet of Office Space in Seattle
All Things Digital (blog)

Office take-up in Edinburgh increased significantly in 2010
Free Office Search

GSA posts 255,000 SF office space requirement
Washington Business Journal

Nordstrom leasing more space from art museum
Seattle Times

Liverpool hindered by a lack of grade A office space
Liverpool Daily Post

Not bad for just a week’s worth of news. Let’s hope this trend keeps going forward.

Commercial Real Estate , Manhattan Office Space , New York Office Space , Office Building Sales , Office Relocation , Office Rental , Office Space , UK Office Space

City To Rent Office Space at WTC 4 in 2014 Despite Excess Space Now

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Despite having found 8,000 empty desks the City of New York will be forced to rent 582,000 square feet of office space in Building 4 of the World Trade Center when it is completed in 2014. The empty desks can be used to estimate that the City has over 1,000,000 square feet of excess office space, also know as shadow office space. The question is will they actually occupy it or sublease the prime office space. Their contract price is $56.50 / sf. The timing could be good for the come-back of the Manhattan office space market as the recession continues to improve. Source

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