Posts tagged Office space
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 >
As the economy strengthens and vacancies begin to decline, landlords and owners will begin to try to recover some of the rental rate ground they lost during the recession. The recovery does not appear to be swift, but landlords will need some relief going forward or they will not be able to maintain the properties to the prior standard. 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 >