LEE NYCNEW YORK OFFICE3Q2018
THE OFFICE MARKET REPORT
HUDSONRIVER
EASTRIVER
HUDSONRIVER
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HUDSONRIVER
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HUDSONRIVER
EASTRIVER
HUDSONRIVER
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HUDSONRIVER
EASTRIVER
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PLAZADISTRICTPLAZA
DISTRICT
MIDTOWN WESTMIDTOWN WEST
MIDTOWN EASTMIDTOWN EAST
GRAND CENTRALGRAND CENTRAL
TIMES SQUARETIMES SQUARE
CITY HALL| INSURANCE DISTRICT
CITY HALL| INSURANCE DISTRICT
WORLDTRADECENTER
WORLDTRADECENTER
FINANCIALDISTRICT
FINANCIALDISTRICT
ROCKEFELLERCENTER
ROCKEFELLERCENTER
PENN STATION | GARMENT DISTRICT
CHELSEACHELSEA
MURRAY HILLMURRAY HILL
GRAMERCY | FLATIRONGRAMERCY | FLATIRON
SOHO | NOHOSOHO | NOHO
HUDSON SQ.| TRIBECA
HUDSON SQ.| TRIBECA
FDR
DRI
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FDR DRIVE
WES
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HW
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YAW
HGI
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AVEN
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AV
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T
BOW
ERY
DELANCEY ST
DELANCEY ST
E HOUSTON ST
W HOUSTON ST
W HOUSTON ST
GANESEVOORT ST
W 4TH ST E 4TH ST
CHAMBERS ST
VESEY ST VESEY ST
PARK PL
WORTH STFRA
NKLIN ST
WALL ST
BATTERY
PL
BEAVER ST
CANAL ST
CANAL ST
PARK ROW
CEN
TRE
ST
5TH
AV
E
LEX
ING
TON
AV
ELE
XIN
GTO
N A
VE
5TH
AV
E
W 14TH ST
W 23RD ST E 23RD ST
W 34TH ST E 34TH ST
W 42ND ST E 42ND ST
W 49TH ST E 49TH ST
W 57TH ST E 57TH ST
W 65TH ST E 65TH ST
E 14TH ST
PENN STATION | GARMENT DISTRICT
MIDTOWN
MIDTOWN SOUTH
DOWNTOWN
2 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
SUBMARKETS
3 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
OFFICE METRICS
MarketInventoryMeasured
(SF)
UnderConstruction
(SF)
NetAbsorption(SF) | (YTD)
LeasingVolume
(SF) | (YTD)
DirectAsking Rent
SubletAsking Rent
OverallAsking Rent
Midtown 224,664,049 2,818,704 11.8% ↑ 7.7% ↓ 1,906,039 11,341,345 $82.06 $64.08 $79.53
Grand Central 72,008,497 1,732,955 10.8% ↓ 7.9% ↓ 1,384,718 3,761,617 $76.40 $61.35 $74.79
Midtown East 25,675,290 290,505 13.0% ↑ 6.6% ↑ (130,144) 1,519,133 $78.58 $59.01 $76.30
Midtown West 20,963,179 90,000 8.1% ↓ 4.8% ↓ (272) 520,542 $76.82 $63.01 $73.15
Plaza District 38,449,692 705,244 14.8% ↑ 11.5% ↑ 322,417 1,776,713 $112.87 $82.69 $110.66
Rockefeller 29,048,420 - 7.9% ↑ 5.1% ↓ 378,909 1,693,914 $83.23 $72.00 $82.60
Times Square 38,518,971 - 15.0% ↑ 7.5% ↓ (49,589) 2,069,426 $73.14 $58.77 $66.76
Midtown South 155,362,963 13,479,812 9.9% ↓ 6.1% − 1,990,851 9,749,326 $75.48 $60.23 $68.70
Chelsea 19,920,413 263,835 9.5% ↓ 6.3% ↓ 689,530 935,569 $65.32 $50.28 $60.39
Gramercy & Flatiron 31,527,675 73,323 7.6% ↓ 3.6% ↑ 245,150 2,373,702 $71.49 $65.19 $69.59
Hudson Square & Tribeca 21,756,443 193,484 15.5% ↓ 8.7% ↑ 183,141 869,653 $85.47 $69.76 $82.50
Murray Hill 13,388,866 - 9.8% ↓ 6.7% ↑ (29,816) 620,862 $61.67 $55.24 $58.70
Penn Station & Garment 55,927,026 12,639,885 9.4% ↓ 6.2% ↓ 764,546 3,783,508 $59.33 $49.01 $56.36
SoHo & NoHo 12,842,540 309,285 8.9% ↓ 5.8% ↓ 138,300 1,166,032 $73.97 $60.45 $71.43
Downtown 107,510,856 19,412 13.1% − 10.0% ↓ 2,084,406 3,741,167 $62.91 $45.34 $61.29
City Hall & Insurance District 26,493,657 19,412 8.5% − 3.0% ↓ 491,525 379,033 $55.41 $44.25 $53.02
Financial District 43,487,310 - 13.4% ↑ 9.6% − 115,467 1,508,701 $61.43 $48.34 $58.76
World Trade Center 37,529,889 - 16.1% ↓ 15.4% ↓ 1,477,414 1,853,433 $63.51 $49.57 $63.14
Manhattan 487,537,868 16,317,928 11.5% ↓ 7.7% ↓ 5,981,296 24,831,838 $73.42 $62.31 $71.27
Third Quarter | 2018 | New York Office Market
New York Office MetricsAvailability
RateVacancy
Rate
Arrows are indicative of quarterly changes.
↓DIRECT AVAILABILITY
Third Quarter | 2018 | New York Office Market
Manhattan direct asking rents in the third quarter averaged out to $73.42, down $0.63 from the second quarter and $0.82 from a year ago. Leasing volume continues to be strong with approximately 25 million square feet leased year-to-date, causing a decrease in both the available and vacant supply of office space below 65th Street. The availability rate decreased slightly by 10 basis points to 11.5% (also the five-year average in Manhattan) from 11.6% over the quarter. With net absorption positive for the third consecutive quarter, vacancy is at the lowest it's been since 2009, when it was averaging 7.2%. Although still distant from reaching such an annual average, the third quarter finished with a vacancy of 7.7%, and we forecast this to continue to remain the same or decrease end-of-year.
Nine of the twelve submarkets saw an availability rate decrease, with all six submarkets comprising Midtown South (with a quarterly decrease of 90 basis points from 10.8% to 9.9%). Large blocks of space were signed by coworking giants WeWork and Spaces spread across the Penn Station-Garment, Grand Central, Gramercy-Flatiron, Midtown West, Murray Hill, Chelsea, Times Square and Midtown East submarkets. Approximately five to six million square feet need to be leased in the next three months, to sustain the current availability rate of 11.5% or have it slightly decrease. The expected delivery of 55 Hudson Yards by Related Companies and 441 Ninth Avenue by Cove Property Group in the fourth quarter is expected to add approximately 850,000 square feet onto the market. There is currently 16.3 million square feet of office construction below 65th Street; with 46 buildings in some planning or construction phase, we're looking at 29.1 million square feet of future availability.
TAMI giant GroupM Worldwide signed a 513,098 square foot deal at Silverstein Properties recently delivered 3 World Trade Center, taking an additional nine floors. The media company initially signed a lease in early 2016 for approximately 170,000 square feet, which increases their footprint to 684,593 square feet and bringing the occupancy rate at the class A property to 43%. Additionally, Silicon Valley's LinkedIn Corporation renewed and expanded their operations of approximately 313,000 square feet at the Empire State Building (350 Fifth Avenue). FIRE tenants such as Evercore Partners and Bessemer Trust Company led Midtown in two of the top three largest leases signed. Investment banking company, Evercore Partners signed a 10-year renewal and expansion on 282,673 square feet at Park Avenue Plaza (55 East 52nd Street), making it the largest lease signing by a FIRE tenant and the largest lease signing in the Plaza District, in the third quarter. Bessemer Trust Company signed a 15-year new lease at Rockefeller's 1271 Avenue of the Americas for 239,000 square feet across seven floors, with a starting base rent in the low $100s.
Nearby at 666 Fifth Avenue, Brookfield Asset Management purchased a 99-year leasehold on a 1.45 million square foot office condominium from Kushner Companies for approximately $1.3 billion or $887 per square foot at a 4.9% capitilization rate. Brookfield paid up the entire lease through the 99 year term. Additionally in the office investment sales market, Normandy Real Estate Partners in joint venture with L&L Holding and JPMorgan Chase (on behalf of CalSTRS), are in the process of closing on the Terminal Stores (224 Twelfth Avenue) building for $900 million or $853 per square foot.
↓AVAILABILITY
↓VACANCY
↓ASKING RENTS
↑SUBLET ASKING RENTS
↑SUBLET AVAILABILITY
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
$76.00 $78.00 $80.00 $82.00 $84.00 $86.00 $88.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Midtown Asking Rent and Availability
Asking Rent Availability Rate 5Y Rate Avg.
0.0%2.0%4.0%6.0%8.0%10.0%12.0%
$60.00
$65.00
$70.00
$75.00
$80.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Midtown South Asking Rent and Availability
Asking Rent Availability Rate 5Y Rate Avg.
0.0%
5.0%
10.0%
15.0%
$58.00 $59.00 $60.00 $61.00 $62.00 $63.00 $64.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Downtown Asking Rent and Availability
Asking Rent Availability Rate 5Y Rate Avg.
10.0%
10.5%
11.0%
11.5%
12.0%
$68.00
$70.00
$72.00
$74.00
$76.00
$78.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Manhattan Asking Rent and Availability Rate
Asking Rent Availability Rate 5Y Rate Avg.
4 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
ANALYSIS
Starting Base Rents
Midtown Grand Central Midtown East Midtown West Plaza District Rockefeller Times Square2018 Q3 $76.15 $67.90 $68.39 $74.17 $98.91 $77.80 $59.322018 Q2 $76.77 $73.22 $71.00 $74.33 $95.71 $77.60 $67.462017 Q3 $72.26 $67.17 $63.36 $75.28 $81.14 $76.25 $66.73
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
Midtown Starting Base Rents
MidtownSouth Chelsea Gramercy-
FlatironHudson Sq.-
Tribeca Murray Hill Penn Station-Garment SoHo-NoHo
2018 Q3 $64.10 $54.86 $70.60 $62.60 $57.93 $58.56 $67.172018 Q2 $63.94 $61.84 $69.18 $73.13 $55.75 $57.17 $71.212017 Q3 $57.98 $57.77 $62.19 $70.30 $54.30 $54.88 $64.36
$0.00$10.00$20.00$30.00$40.00$50.00$60.00$70.00$80.00
Midtown South Starting Base Rents
Downtown City Hall-Insurance Dist. Financial District World Trade Center2018 Q3 $54.00 $52.13 $55.09 $53.362018 Q2 $57.38 $58.06 $54.98 $58.892017 Q3 $51.31 $53.43 $48.93 $54.25
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
Downtown Starting Base Rents
STARTING BASE RENTS
5 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
FREE RENTS
6 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
Free Months
0
2
4
6
8
10
12MONTHS
Midtown Free Rent Average
2018 Q3 2018 Q2 2017 Q3
0
2
4
6
8
10
Downtown City Hall-Insurance Dist. Financial District World Trade Center
MONTHS
Downtown Free Rent Average
2018 Q3 2018 Q2 2017 Q3
02468
1012M
ONTHS
Midtown South Free Rent Average
2018 Q3 2018 Q2 2017 Q3
7 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
MIDTOWN
• Availability continues to remain high and is on par to reach 12% • Net absorption positively increased 174% quarter-to-quarter• Two of the top three largest deals signed by banking tenants • Leasing volume continues to stay strong• Vacancy lowest in five years • Asking rents grew at approximately 2% over the quarter.• Bessemer Trust fills out the top of 1271 Avenue of the Americas • Financial advisory giant with plans to relocate to Park Avenue Plaza
Pfizer Evercore Partners Inc.219 East 42nd Street 55 East 52nd Street350,000 SF 282,673 SFFloors: 1 - 10 Floors: 20-21, 23, 35-38, 42-44New 5 Year Lease New 15 Year Lease
Top Notable Signed Leases
↑/Q ↓/Y ↑/Q ↑/Y ↓/Q ↓/Y ↑/Q ↑/Y ↓/Q ↑/Y ↑/Q ↑/Y
4,616,336
Midtown
Asking Rents Availability Vacancy Net Absorption Leasing Activity Sublet Availability$82.06 11.8% 7.7% 1,433,681 3,408,938
$83.35 Average
$76.00
$78.00
$80.00
$82.00
$84.00
$86.00
$88.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Midtown Asking Rent Trend
Asking Rent Trend Average
-
2,000
4,000
6,000
8,000
Thou
sand
s
Leasing Activity Trend
Leasing Activity 5Y Avg. 10Y Avg.
8.4% Average
7.0%
7.5%
8.0%
8.5%
9.0%
13Q
414
Q1
14Q
214
Q3
14Q
415
Q1
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Vacancy Trend
Vacancy Rate 5Y Avg.
11.6% Average
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%13
Q4
14Q
114
Q2
14Q
314
Q4
15Q
115
Q2
15Q
315
Q4
16Q
116
Q2
16Q
316
Q4
17Q
117
Q2
17Q
317
Q4
18Q
118
Q2
18Q
3
Availability Trend
Availability Rate 5Y Avg.
2,132
917 807 661 795
0
500
1,000
1,500
2,000
2,500
1 - 3Mos.
4 - 6Mos.
7 - 9Mos.
10 - 12Mos.
13 - 15Mos.
Thou
sand
s (SF
)
Potential Available Direct Space Delivery Forecast
(1,500)
(1,000)
(500)
0
500
1,000
1,500
2,000
Thou
sand
s
Net Absorption Five Year Trend
MIDTOWN SOUTH
• All six Midtown South submarkets availability decreases • Vacancy remained stagnant at 6.1% & continues to be lowest in years• Availability rate finally drops below 10%, where it's been at since 2016 • Midtown South asking rents have increased 12.4% year-over-year• Construction activity continues in five of the six submarkets (Murray Hill) • WeWork & Spaces continued to grow their presence across the market• TAMI industry continues leasing demand with LinkedIn renewing & expanding at Empire State Building
LinkedIn Corporation WeWork Companies, Inc.350 Fifth Avenue 21 Penn Plaza312,947 SF 229,009 SFRenewal & Expansion 20 Year New Lease
Top Notable Signed Leases
↓/Q ↑/Y ↓/Q ↓/Y ↔/Q ↓/Y ↓/Q ↓/Y ↓/Q ↓/Y ↓/Q ↓/Y
3,646,487
Midtown South
Asking Rents Availability Vacancy Net Absorption Leasing Activity Sublet Availability$75.48 9.9% 6.1% 367,932 2,747,322
$69.44 Average
$60.00
$65.00
$70.00
$75.00
$80.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Midtown South Asking Rent Trend
Asking Rent Trend Average
-
2,000
4,000
6,000
8,000
Thou
sand
s
Leasing Activity Trend
Leasing Activity 5Y Avg. 10Y Avg.
6.5% Average
5.0%5.5%6.0%6.5%7.0%7.5%8.0%
13Q
414
Q1
14Q
214
Q3
14Q
415
Q1
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Vacancy Trend
Vacancy Rate 5Y Avg.
9.7% Average
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%13
Q4
14Q
114
Q2
14Q
314
Q4
15Q
115
Q2
15Q
315
Q4
16Q
116
Q2
16Q
316
Q4
17Q
117
Q2
17Q
317
Q4
18Q
118
Q2
18Q
3
Availability Trend
Availability Rate 5Y Avg.
2,301
570 838
257 172
0
500
1,000
1,500
2,000
2,500
1 - 3Mos.
4 - 6Mos.
7 - 9Mos.
10 - 12Mos.
13 - 15Mos.
Thou
sand
s (SF
)
Potential Available Direct Space Delivery Forecast
(1,500)
(1,000)
(500)
0
500
1,000
1,500
Thou
sand
s
Net Absorption Five Year Trend
8 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
• Largest lease of the quarter at 3 WTC with GroupM Worldwide for 513,098 SF • City Hall & Insurance District vacancy (3%) lowest of all NY submarkets• Positive net absorption for four consecutive quarters • Vacancy increased 5.3% Y/Y due to available supply in WTC area• Asking rents have been decreasing for two consecutive quarters • Availability would have been back at 2015 rates, if not for leasing at 3 WTC• WeWork talks fall apart for 200,000 SF space at 1 WTC • The London Stock Exchange relocates to 28 Liberty Street
GroupM Worldwide School Construction Authority3 World Trade Center 110 William Street513,098 SF 85,000 SFFloors: 11-12, 14-16, 28-31 Floors: 14-16New Lease 15 Year New Lease
Top Notable Signed Leases
↓/Q ↓/Y ↔/Q ↑/Y ↓/Q ↑/Y ↓/Q ↑/Y ↓/Q ↓/Y ↑/Q ↑/Y
2,396,943
Downtown
Asking Rents Availability Vacancy Net Absorption Leasing Activity Sublet Availability$62.91 13.1% 10.0% 565,180 900,791
$62.44 Average
$58.00
$59.00
$60.00
$61.00
$62.00
$63.00
$64.00
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Downtown Asking Rent Trend
Asking Rent Trend Average
-
1,000
2,000
3,000
4,000
Thou
sand
s
Leasing Activity Trend
Leasing Activity 5Y Avg. 10Y Avg.
10.6% Average
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
13Q
414
Q1
14Q
214
Q3
14Q
415
Q1
15Q
215
Q3
15Q
416
Q1
16Q
216
Q3
16Q
417
Q1
17Q
217
Q3
17Q
418
Q1
18Q
218
Q3
Vacancy Trend
Vacancy Rate 5Y Avg.
13.3% Average
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%13
Q4
14Q
114
Q2
14Q
314
Q4
15Q
115
Q2
15Q
315
Q4
16Q
116
Q2
16Q
316
Q4
17Q
117
Q2
17Q
317
Q4
18Q
118
Q2
18Q
3
Availability Trend
Availability Rate 5Y Avg.
1,528
81 98 379 399
0
500
1,000
1,500
2,000
1 - 3Mos.
4 - 6Mos.
7 - 9Mos.
10 - 12Mos.
13 - 15Mos.
Thou
sand
s (SF
)
Potential Available Direct Space Delivery Forecast
(2,000)
(1,000)
0
1,000
2,000
3,000
4,000
Thou
sand
s
Net Absorption Five Year Trend
9 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
DOWNTOWN
Tenant Submarket Office Class $ SF Floors Type Years• Group M Worldwide World Trade Center 3 World Trade Center A Pvt. 513,098 11-12, 14-16, 28-31 New Pvt.• Pfizer Inc. Grand Central 219 East 42nd Street A Pvt. 350,000 1-10 New 5• LinkedIn Corporation Penn Station-Garment 350 Fifth Avenue A Pvt. 312,947 Pvt. Ren. & Exp. Pvt.• Evercore Partners Inc. Plaza District 55 East 52nd Street A Pvt. 282,673 20-21, 23, 35-38, 42-44 Ren. & Exp. 10• Bessemer Trust Company Rockefeller 1271 Avenue of the Americas A $100s 239,000 42-48 New 15• WeWork Companies, Inc. Penn Station-Garment 21 Penn Plaza B $80s 229,009 4-6, 9-10, 12, 14-17 New 20• Spell Inc. Hudson Sq. | Tribeca 2 Gansevoort Street C Pvt. 181,550 Pvt. New Pvt.• Convene Grand Central 530 Fifth Avenue A Pvt. 116,055 7-10 New 5• Spaces (IWG) Grand Central 405 Lexington Avenue A $60s 109,364 7-9 New 15• Spaces (IWG) Gramercy | Flatiron 287 Park Avenue South B $70s 101,256 2-9 New 15• ICBC (Ind. & Com. Bank of China) Times Square 1185 Avenue of the Americas A $70s 98,594 16-18, 42 New Pvt.• Spaces (IWG) Midtown West 787 Eleventh Avenue B Pvt. 97,442 6-7 New Pvt.• WeWork Companies, Inc. Gramercy | Flatiron 35 East 21st Street B Pvt. 97,000 1-10 New 12• KBRA Holdings, Inc. (Kroll Bond) Midtown East 805 Third Avenue A $50s 95,200 26-29 Sublease 8• Carlyle Group, The (GMS Finance) Grand Central 1 Vanderbilt Avenue A $100s 94,365 36-38 New 15• Duff & Phelps Plaza District 55 East 52nd Street A $80s 90,975 15-17 New 16• Golub Grand Central 200 Park Avenue A $80s 89,000 24-25 New 10• School Construction Authority City Hall | Insurance 110 William Street A $50s 85,000 14-16 New 15• WeWork Companies, Inc. Murray Hill 450-460 Park Avenue South B $60s 83,250 2-3, 6, 8, 10-12 New 15• WeWork Companies, Inc. Chelsea 511 West 25th Street B $70s 80,463 2-9 New 15• WeWork Companies, Inc. Times Square 1619 Broadway B Pvt. 76,144 5-7, 10-11 New 15• London Stock Exchange PLC Financial District 28 Liberty Street A $70s 74,822 57-58 New 15• Signature Bank Penn Station-Garment 1400 Broadway B $60s 71,788 6-7 New 16• WeWork Companies, Inc. Midtown East 880 Third Avenue A $50s 69,659 5-6, 9-13 New 15• Broadcast Music, Inc. World Trade Center 7 World Trade Center A $80s 61,390 30-31 New 16• King & Spalding Times Square 1185 Avenue of the Americas A $60s 58,728 36-37 New 7.5• Perkins Coie LLP Times Square 1155 Avenue of the Americas A $80s 57,971 20-23 New 15
$ (Price reflects the base rent)
Third Quarter | 2018 | New York Office Market
Notable Third Quarter Leases
Leases confirmed to have been signed in prior quarters but recently announced are not included in this list. For office comp reports and comprehensive consultation on market knowledge and analytics, or more information on any of these transactions; please consult a Lee & Associates NYC broker.
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Squa
re F
eet L
ease
d
2018 Year-to-Date Leasing Volume
10 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
LEASES
50 Hudson Yards 66 Hudson Boulevard 2 World Trade Center 30 Hudson Yards 270 Park Avenue2,900,000 SF 2,850,000 SF 2,800,000 SF 2,600,000 SF 2,500,000 SF ProposedConstruction Begins 2019 Delivering 2022 Q4 Construction Begins 2019 Delivering 2019 Q2 Under DemolitionRelated Companies Tishman Speyer Silverstein Properties Related Companies JPMorgan ChaseHudson Yards Hudson Yards World Trade Center Hudson Yards Grand Central
One | Two Manhattan West 3 Hudson Boulevard One Vanderbilt 55 Hudson Yards 511 West 35th Street2,216,609 SF | 1,950,140 SF 1,900,000 SF 1,732,955 SF 1,556,136 SF 950,000 SFDelivering 2019 Q4 | 2023 Construction Begins 2019 Delivering 2020 Q3 Delivering 2018 Q4 Construction Begins 2019Brookfield Properties Moinian Group SL Green Realty Corp. Related Companies Spitzer EnterprisesHudson Yards Hudson Yards Grand Central Hudson Yards Hudson Yards
550 Madison Avenue 390 Ninth Ave (Farley Bldg) 425 Park Avenue 441 Ninth Avenue 57 Eleventh Avenue (SuperPier)850,000 SF 767,000 SF 705,244 SF 700,000 SF 263,835 SFFull Renovation for 2019 Delivering 2020 Q2 Delivering 2019 Q1 Delivery end of 2018 Delivering 2019 Q1Olayan America Vornado & Related L&L Holding Company Cove Property Group RXR Realty | PANYNJPlaza District Penn Station Plaza District Penn Station Chelsea
Third Quarter | 2018 | New York Office Market
Construction PipelineFeaturing the top fifteen projects either under construction, fully renovating and proposed.
46 Buildings in the Pipeline
16.3M SF Currently
Under Construction
10 Buildings Proposed
29.1M SF of Future
Availability
CONSTRUCTION
11 LEE & ASSOCIATES NYCMANHATTAN TREND TRACKER 3RD QUARTER 2018
Henry AbramovResearch Director [email protected]
Carly FarkasResearch Associate [email protected]
James [email protected]
Lee & Associates NYC845 Third Avenue, Fourth FloorNew York, NY 10022 | 212.776.1200www.leeassociatesnyc.com
With offices
across the nation, the
Lee & Associates® group
of independently owned
and operated companies
is the largest provider of
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the fourth-largest full-service
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organization overall.