2019-07-10_DTZ戴德梁行_Office_Q1_2019_Manhattan_4页_5mb

报告摘要

Manhattan Office Market Q1 2019 Summary

Core Content

The Manhattan office market in Q1 2019 showed a mix of strong leasing activity and rising vacancy rates, influenced by various submarkets and tenant behaviors. Key economic and market indicators highlighted the dynamics of the sector, including employment trends, vacancy rates, net absorption, and rental rates.

Economic Indicators

New York City Employment: Increased from 4.5 million in Q1 18 to 4.6 million in Q1 19, reaching a historic high.
New York City Unemployment: Slightly increased in February to 4.3%, but remained below 4.5% for 16 consecutive months.
U.S. Unemployment: Continued to decline, from 4.1% in Q1 18 to 3.8% in Q1 19.

Market Overview

Overall Net Absorption: Negative 3.3 million square feet (msf) in Q1 19, driven by new space additions outpacing leasing.
Overall Vacancy Rate: Increased by 100 basis points (bps) to 10.2%, the highest in 18 quarters.
Available Sublease Space: Reached 7.9 msf, the highest since Q2 2010.
Overall Asking Rent: Increased to $73.28 psf, an eight-quarter high, driven by higher-priced blocks entering the market in Midtown South.

Submarket Performance

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Net Absorption (SF)	YTD Net Absorption (SF)	Leasing Activity (SF)	Under Construction (SF)	Overall Asking Rent (All Classes)	Overall Asking Rent (Class A)
East Side/UN	21,280,773	382,639	1,550,962	9.1%	-205,642	-205,642	255,404	0	$71.39	$72.29
Grand Central	43,222,200	818,780	4,224,897	11.7%	-243,907	-243,907	802,616	2,576,630	$73.60	$77.79
Madison/Fifth	23,776,127	720,506	3,269,167	16.8%	-385,252	-385,252	482,104	0	$90.12	$96.70
Murray Hill	14,142,543	255,862	1,112,278	9.7%	-184,004	-184,004	271,601	0	$58.30	$63.53
Park Avenue	21,350,326	335,230	1,375,525	8.0%	-67,700	-67,700	514,636	657,700	$93.54	$93.54
Penn Station	17,228,104	354,246	658,548	5.9%	78,037	78,037	468,528	11,220,751	$73.42	$86.63
Sixth Avenue/Rock Center	39,816,982	758,480	2,510,089	8.2%	-442,064	-442,064	698,030	84,000	$79.61	$80.52
Times Square South	30,637,588	572,408	2,326,781	9.5%	-651,841	-651,841	449,524	0	$59.32	$71.31
West Side	30,972,069	730,384	2,485,896	10.4%	-123,572	-123,572	548,422	0	$69.82	$73.87
Midtown Totals	242,426,712	4,928,535	19,514,143	10.1%	-2,225,945	-2,225,945	4,490,865	14,539,081	$75.42	$82.04
Chelsea	17,015,779	502,544	1,038,225	9.1%	-354,243	-354,243	271,751	348,561	$76.72	$110.47
Greenwich/NoHo	4,820,157	25,656	264,701	6.0%	-157,126	-157,126	29,118	30,422	$79.16	$115.00
Hudson Square/West Village	10,999,018	421,769	638,666	9.6%	-119,391	-119,391	196,299	130,000	$87.61	$94.98
Madison/Union Square	32,073,358	413,814	2,597,145	9.4%	-762,605	-762,605	608,533	0	$78.95	$84.17
SoHo	4,045,624	165,925	326,041	12.2%	-107,531	-107,531	80,391	91,277	$86.84	$114.00
Midtown South Totals	68,953,936	1,529,708	4,864,778	9.3%	-1,500,896	-1,500,896	1,186,092	600,260	$80.62	$95.06
City Hall	7,690,533	40,923	189,243	3.0%	-37,843	-37,843	61,562	0	$48.83	$44.01
Financial East	33,823,294	591,952	2,848,504	10.2%	496,953	496,953	1,044,536	48,077	$57.53	$59.83
Financial West	5,986,809	83,310	1,208,263	21.6%	-42,284	-42,284	257,072	185,295	$56.73	$52.92
Insurance	13,000,604	200,192	1,335,837	11.8%	-115,892	-115,892	455,225	0	$57.13	$65.65
TriBeCa	5,124,468	42,148	174,873	4.2%	-58,482	-58,482	39,637	0	$69.72	$76.22
World Trade	24,103,907	504,799	2,675,899	13.2%	204,890	204,890	720,687	40,504	$74.25	$75.21
Downtown Totals	89,729,615	1,463,324	8,432,619	11.0%	447,342	447,342	2,578,719	273,876	$63.27	$67.74
Manhattan Totals	401,110,263	7,921,567	32,811,540	10.2%	-3,279,499	-3,279,499	8,255,676	15,413,217	$73.14	$79.65

Key Market Trends

Downtown New Leasing: Surged to nearly 2.6 msf, the strongest first quarter on record, driven by major tenants like NYC Health and Hospitals Corporation and WeWork.
Midtown South Vacancy: Increased by 210 bps to 9.3%, with a significant block at 63 Madison Avenue contributing to the rise.
Class A Vacancy: Increased by 350 bps to 10.7%, while Class B and C leasing activity declined by 23.0% and 48.6% respectively.
Rental Rates: Overall asking rents rose to $75.42 psf, with Midtown South reaching a quarterly peak of $80.62 psf. SoHo and other submarkets showed varied trends, with some experiencing rent declines.
Sublease Space: Reached 7.9 msf, representing 19.4% of the total available supply, indicating a significant presence of sublease inventory.

Key Lease Transactions

7 Hanover Square: NYC Health and Hospitals Corporation leased 526,552 sf in Financial East.
199 Water Street: WeWork leased 201,251 sf in Insurance.
200 Park Avenue: Hunton Andrews Kurth renewed 144,000 sf in Park Avenue.

Key Sales Transactions

One Dag Hammarskjold Plaza: Sold for $566M at $694 psf by Ruben Companies to Rockpoint Group in East Side/UN.
424 Fifth Avenue: Sold for $850M at $1,283 psf by Hudson's Bay Company to Rhone Group in Murray Hill.
850 Third Avenue: Sold for $422M at $684 psf by HNA Group, MHP Real Estate, and Atco Properties to Chetrit Group in East Side/UN.

Outlook

Sublease Space: Expected to remain high in 2019, contributing to market inflation.
Job Growth: Projected to keep the market moving in a positive direction despite negative absorption.
New Supply: Nearly 9.2 msf of new office product is scheduled for 2019, with 84.0% pre-leased.

Contact Information

Richard Persichetti: Vice President, Tri-State Region Research Lead
Tel: +1 212 954 0917
Email: richard.persichetti@cushwake.com
Lori Albert: Research Director
Tel: +1 212 841 7876
Email: lori.albert@cushwake.com
Cushman & Wakefield:
Address: 1290 Avenue of the Americas, New York, NY 10104
Website: cushmanwakefield.com

About Cushman & Wakefield

A leading global real estate services firm.
Approximately 51,000 employees in 400 offices across 70 countries.
Revenue of $8.2 billion in 2018.
Offers core services including property, facilities, and project management, leasing, capital markets, valuation, and other real estate services.

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