SECOND QUARTER MARKET SNAPSHOT

LEASING DURING THE SECOND QUARTER OF 2019 ROSE SIGNIFICANTLY, OUTPACING Q1 BY APPROXIMATELY 13%. THE AVERAGE ASKING RENT ACROSS MANHATTAN IS NOW JUST ABOVE $75 PER SQUARE FOOT. 16 MILLION SQUARE FEET OF OFFICE SPACE IS NOW UNDER CONSTRUCTION WHILE THE SUBLET MARKET CONTINUES TO GROW. MANHATTAN OFFICE VACANCY HOVERS JUST BELOW 10%. 

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 OVER THE YEAR BY 95,300 OR 2.4%. GAINS WERE GREATEST IN EDUCATIONAL, HEALTH SERVICES, PROFESSIONAL AND BUSINESS SERVICES, LEISURE AND HOSPITALITY, TRADE, TRANSPORTATION AND UTILITIES, INFORMATION AND OTHER SERVICES. MANUFACTURING WAS THE ONLY SECTOR TO REPORT LOSSES DURING THE QUARTER LOSING 2,800 JOBS

Job Statistics courtesy of NYS Dept. of Labor

Job Statistics courtesy of NYS Dept. of Labor