THIRD QUARTER MARKET SNAPSHOT

STRONG LEASING CONTINUED DURING THE THIRD QUARTER OF 2019. THE AVERAGE ASKING RENT ACROSS MANHATTAN IS NOW JUST ABOVE $76 PER SQUARE FOOT. 14 MILLION SQUARE FEET OF OFFICE SPACE IS NOW UNDER CONSTRUCTION WHILE THE SUBLET MARKET CONTINUES TO GROW. MANHATTAN OFFICE VACANCY HOVERS JUST ABOVE 9%.

THE COMMERCIAL OFFICE BUILDING SALES MARKET IS BEGINNING TO REV UP AS INTEREST RATES HAVE DIPPED. RETAIL VACANCY PERSISTS AS TENANTS CONTINUE TO PUSH BACK ON PRICING.

PRIVATE SECTOR JOBS ROSE BY 84,200 FROM AUGUST 2018 TO AUGUST 2019. GAINS WERE GREATEST IN EDUCATIONAL AND HEALTH SERVICES, LEISURE & HOSPITALITY, FINANCIAL AND MANUFACTURING SECTORS WERE THE ONLY SECTORS THAT WERE NEGATIVE DURING THE QUARTER, SHEDDING 2,000 AND 2,100 JOBS RESPECTIVELY.

Job Statistics courtesy of NYS Dept. of Labor

Job Statistics courtesy of NYS Dept. of Labor