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Entries Tagged as 'New York Office Space'

Shortage of Large Office Space For Lease in Manhattan

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"New York City doesn't have enough big chunks of office space to go around for all of the major tenants who are looking. According to Crain's, there are 24 tenants currently on the hunt for at least 250,000 square feet in New York City and only 29 available blocks that fit the bill. But Cushman & Wakefield data shows that only 12 of those spaces are in the coveted Midtown area, and brokers say the crunch is shifting the office leasing market in landlords' favor."

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Manhattan Office Space , New York Office Space , Office Rental , Office Space

Report: Office Market Has Unquestionably Turned the Corner

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Colliers recently published it's 4th Quarter 2010 Office Highlights report for the US and Canada.

Summary:

  • Office Markets Look and Feel a Lot Better - But Higher Rents Still Some Way Off.
  • U.S. office vacancy rate down sharply - U.S. office market has unquestionably turned the corner.
  • Office occupancies up for a third consecutive quarter.
  • Rent picture again mixed.
  • Office construction slows to a trickle.

Some other interesting results:

  • Highest US Downtown Office Vacancy Rate - San Jose/Silicon Valley at 27.9% (down from 35% the previous quarter)
  • Highest US Suburban Office vacancy Rate - Las Vegas at 38.6%
  • Most Absorption for 2010 - Washington DC metro area at over 4.1 million square feet (Midtown Manhattan a close second at nearly 3.6 million square feet)
  • Lowest US Downtown Vacancy Rate - Raleigh/Durham at 5.3% (with a 33.8% suburban vacancy rate)
  • Averages -  Downtown Vacancy Rate 16% - Suburban Vacancy Rate 18.3%

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Investment Real Estate , Las Vegas Office Space , New York Office Space , Office Rental , Office Space Negotiations , Office Vacancy Rate , Silicon Valley Office Space , Washington DC Office Space

1WTC Update - Halfway to the Top

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One World Trade Center construction reaches the 52nd floor, half way up to the top.

 

Manhattan Office Space , New York Office Space

Slow Recovery for US Office Space Market Beginning

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According to an recent article at Reuters.com, the US is approaching the turning point in the office space downturn and should start to see a slow recovery over the next couple of years.

"The U.S. office vacancy rate is expected to peak in the middle of next year at 16.8 percent, as it did in 2003, and is expected to fall very slowly to 16.4 percent by the end of 2011 and to 15.3 percent by the end of 2012, according to CBRE Econometric Advisors.

Real estate research firm REIS Inc also sees a slow office recovery. REIS sees the U.S. office vacancy rate peaking at 17.7 percent at the end of this year and then slipping to 17.4 percent by the end of next year.

"There's nothing in the job market that's pointing to a quick lease-up of space," said Victor Calanog, REIS director of real estate."

The good news is that the bottom appears to be near.  The bad news is that it will be a long slow recovery that will most likely parrallel the economic recovery of the US.

There are a few major markets that are already seeing good improvement. Both Manhattan and Washingtom DC has seen a lot of leasing activity. Ironically, they are the two most expensive markets in the US.

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Shadow Office Space to Affect Office Space Recovery

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A recent article on Bloomberg.com discussed the impact of "Shadow Space" on the recovery of the office space market. The officeFinder Blog discussed the affect of "Shadow Space" on the market back in April 2010. We defined it as "Shadow Office Space is office space that is currently under lease by a tenant, but which is not being used due to layoff of employees." Here is what the Bloomberg article had to say:

"The U.S. office sector will be the slowest to recover as companies absorb empty space and advances in technology reduce the need for square footage, said Kenneth Rosen, a professor at the University of California, Berkeley.

Unoccupied “shadow inventory” accounts for 3 percent to 5 percent of total business leases, and that space will be filled before firms sign new rental agreements, Rosen, chairman of Berkeley’s Fisher Center for Real Estate and Urban Economics, said at a conference in San Francisco. Cloud computing and other tech advances let employees work away from offices, further reducing space needs, he said.

“Every company has shadow space,” Rosen, who also runs Berkeley-based hedge fund Rosen Real Estate Securities LLC, said in an interview yesterday. Most U.S. cities face prolonged vacancies because of the surplus, excepting Washington, New York, San Francisco, Boston and parts of the Silicon Valley, where technology and venture capital spur leasing, he said."

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