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Oct 26, 2023 · The New York City retail market is experiencing a steady decline in available space across most submarkets, with some areas seeing record-low availability since 2013. This trend, coupled with notable long-term deals and high leasing activity, signals confidence in the market despite leasing figures remaining below pre-pandemic levels.
- 343 Canal St. 343 Canal St, Soho, New York, NY. Office. 2,000 Sqft. Availability. 1 Space. View Details.
- 16 W 37th St 4th floor. 16 W 37th St 4th floor, Garment District, New York, NY. Office. 1,100 Sqft. Availability Contact for availability. View Details.
- 147 West 35th Street. 147 West 35th Street, Garment District, New York, NY. Office. 106,000 Sqft. Availability. 1 Space. 600 Sqft. Year Built. 1927. View Details.
- 147 West 35th Street. 147 West 35th Street, Garment District, New York, NY. Office. 99,184 Sqft. Availability. 7 Spaces. 4,744 Sqft. View Details.
Aug 11, 2023 · Tenant behavior in the office market, regulation in multifamily and higher interest rates contributed to a 43% drop in NYC investment sales to $12.8B in 1H 2023.
- Overview
- Empty offices abound
- Rise of the new downtown
America's downtowns are in the doldrums.
As the Covid-19 pandemic began to fade and the U.S. economy began to boom, there was hope that a wave of return-to-office announcements would quickly revive downtown metropolitan centers that were hit hard by lockdowns. That hope even extended to some business centers that had never fully recovered from the great financial crisis of 2007-2008.
But the post-pandemic office revival appears to have plateaued, leaving cities with millions of square feet of unused commercial space.
Meanwhile, other "urban-esque" neighborhoods have sprung up — sometimes far from the traditional central business district — as most vibrant parts of many metropolitan economies.
"We have a big mismatch of space between what tenants want and what’s available," said Phil Ryan, a director in the City Futures, Global Insight practice at the JLL real estate company.
"We have a huge undersupply of quality office space that’s hindering the return to work."
Nationally, office real estate vacancies stand at 12.8%, the highest percentage since the Great Recession, according to data from CoStar, a commercial property information company. Other data shows it's even higher — as high as 20%, according to JLL.
And it's the largest cities with the biggest problems. In New York's Manhattan, office vacancies are at a record high, Bloomberg reported last week, even as new properties come online, adding even more space to the struggling market. And in Los Angeles and Chicago, office vacancies sat at 22.5% as of the fourth quarter of 2022.
There are even more empty offices in San Francisco where vacancies stand at 25.1%, according to JLL. In a separate March 24 report showing which metro areas had office properties that were most at risk of default, the commercial real estate analytics group Trepp found that tech hubs were highly vulnerable. They have the highest risk rating at 5.9 on a nine-point scale.
Certain city ZIP codes, like the one encompassing San Francisco's Embarcadero and nearby financial district, have even higher risk ratings, suggesting defaults could be imminent.
These neighborhoods are plagued with aging office properties and outdated amenities from bygone eras, JLL's Ryan said. He estimated that in U.S. cities, 70% of properties in downtown cores were built 30 years ago. For places like Manhattan and San Francisco, that number rises to 90%.
"These are some of the oldest institutional-grade office stock in the world," Ryan said.
Despite these weaknesses, the office is not dead, said Tom LaSalvia, senior economist at Moody's analytics. Instead, we are in what LaSalvia called a "trial-and-error" period for companies looking to determine how best to position their white-collar employees for success.
"We do believe there’s a place for office in this new world," LaSalvia said.
At the same time, there will be clear winners and losers. On that front, the lower-quality older properties and corporate office parks are the most vulnerable.
"Newer generations of workers are looking for something a bit more; something to entice them to come to the office," LaSalvia said.
He said certain suburban markets were more resilient right now, as well as office properties in small-city downtowns and locations that are near public transit. He cited the New York Tri-State region suburb of Montclair, New Jersey, and the Chicago suburb of Naperville as thriving hubs in metro areas that are otherwise stagnant or declining.
Ryan, of JLL, also put Miami's Wynwood arts district and Culver City in the Los Angeles area as examples of "urban nodes" with successful mixed-use real estate that are seeing stronger demand.
- Breaking Business News Reporter
Aug 9, 2022 · In the second quarter of 2022, average commercial real estate rents in New York City saw mixed action across different asset classes. The average cost per square foot of Class A office space increased by about 5%; the average cost per square foot of retail space rose 6%.
The largest share of commercial real estate space for lease in New York City is represented by Office space, which accounts for 84,672,749 square feet of available listings. Retail space available in New York City adds up to 13,615,524 square feet.
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Commercial real estate listings for rent in currently add up to 6,360,496,076 square feet. The market offers 3,478 active office listing (s), which amount to 3,415,221,360 square feet and account for 39% of commercial spaces on the market. Local retail availability includes 1,969,429,910 square feet across 3,680 retail space (s).
