Henry Goodfriend and Philip Silverstein of NAI Global New York City Arrange 15,219 SF 10-Year Lease on Behalf of GROHE America, Inc.
NAI Global New York City represented GROHE America Inc. in their leasing a full floor of 15,219 square feet at 160 Fifth Avenue. NAI’s Executive Vice President Henry Goodfriend and Managing Director Philip Silverstein represented GROHE America, Inc. in the 10-year lease. More >
Firm Doubles Space at 415 Madison Avenue to House Growing NYC Brokerage, Global Services
NAI Global today announced it has doubled the size of its New York City operations and is expanding its lease at 415 Madison Avenue to accommodate its growing Manhattan base. Upon completion of the buildout, NAI Global New York City will occupy 14,000 square feet, taking over the entire 7th floor.
There continues to be a significant amount of press about the rebounding office market in Manhattan. The investment market is up based on total volume invested by as much as 300% YTD over the same period last year. Leasing activity/deals done is also up dramatically based on the same time frame comparison. More >
A front page article in the Wall Street Journal on October 5 was titled “Signs of Recovery for Office Market.” However, the truth can be found in the details, some of which are also disclosed in the same article. The national vacancy rate for office as of September 2010 inched up to 17.5%, the highest rate in 17 years, but still below the 1992 record of 18.7%. The reasons for office markets continuing to weaken are many: In the last few years many businesses that held on to excess vacancy because they couldn’t sublet a portion of their space or expected they would begin hiring by this point are now realizing they may not increase staff for some time; and many firms are figuring out how to squeeze more workers into less space. More >
One significant effect on the office leasing marketplace is the amount of square feet for which tenants are willing to commit in this environment. There is the obvious result of companies having fired a significant portion of their workforce. Also, there is an economy of size in how their offices are utilized. More >
There seems to be a lot of debate about the current state of the market and where it might be heading going forward. There are people who are concerned that we are looking at a double dip and others who believe we are on the way to a recovery. More >
When the economy and the real estate markets were strong 3-5 years ago, a great many developers purchased and assembled sites in midtown Manhattan to build small hotels or residential properties. This is a time when financing was also readily available. More >
Manhattan’s commercial real estate market continued to move towards stabilization, as leasing activity increased further from the already positive trend of Q1. Total vacancy fell .1% to 12.6% overall. Manhattan outpaced most urban markets as fundamentals rose. Quantifiable job growth for the past five months, especially in the financial sector, bolstered demand for office space and drove absorption to the plus side by 817,628 SF. More >
There have been many articles and reports that have come out recently highlighting the improving fundamentals for the New York City office market. There seems to be a general sense that if enough people try to paint a positive picture, then the market will follow the perception. More >
For the first time in more than two years, office vacancy rates in Manhattan are on the decline. Vacancy rates dropped from 11.6% in the first quarter to just 10.8% at the end of the second quarter as nearly 7 million square feet of space was leased across the market.
There are still millions of square feet available, and buyers/tenants currently have the upper hand in sale/lease negotiations. With an uncertain economic recovery ahead, it is unknown if this drop in vacancy rates signals the start of the end of a difficult market, or if a double-dip recession will further delay a recovery market-wide.