2019-07-10_DTZ戴德梁行_Office_Q2_2019_Manhattan_4页_5mb

报告摘要

Manhattan Office Market Q2 2019 Summary

Core Content

The Manhattan Office Market Q2 2019 report provides an in-depth analysis of the real estate landscape in New York City, focusing on economic indicators, market activity, vacancy rates, rent trends, and key transactions. The report highlights both positive and negative trends across different submarkets, including Midtown, Midtown South, and Downtown, and offers an outlook for the remainder of the year.

Main Economic Indicators

New York City Employment: Increased from 4.5 million in Q2 2018 to 4.6 million in Q2 2019.
New York City Unemployment Rate: Rose slightly to 4.3% in Q2 2019, remaining below 4.5% for 20 consecutive months.
U.S. Unemployment Rate: Decreased to 3.6% in Q2 2019 from 3.9% in Q2 2018.

Market Overview

Overall Trends

New Leasing Activity: Increased by 21.5% in Q2 2019, reaching 10.0 million square feet (msf), the strongest midyear total on record.
Vacancy Rate: Rose to 10.5%, up 30 basis points (bps) from the previous quarter.
Net Absorption: Declined to -2.4 msf in Q2 2019, but year-to-date absorption was positive at 190,860 sf.
Average Asking Rent: Reached an all-time high of $74.15 psf/year, driven by the completion of 40 Tenth Avenue and increased pricing in new developments.

Submarket Highlights

Submarket	Inventory (sf)	Sublet Vacant (sf)	Direct Vacant (sf)	Overall Vacancy Rate	Q2 Net Absorption (sf)	YTD Net Absorption (sf)	YTD Leasing Activity (sf)	Under Construction (sf)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
East Side/UN	21,280,773	451,864	1,619,218	9.7%	-152,899	-354,888	385,090	0	$73.69	$74.86
Grand Central	44,065,875	892,763	4,611,929	12.5%	357,022	158,590	1,879,389	1,732,955	$72.30	$75.99
Madison/Fifth	23,776,127	889,559	3,165,389	17.1%	-15,719	-388,437	820,803	0	$93.05	$99.28
Murray Hill	14,142,543	233,175	1,378,574	11.4%	-220,504	-413,381	547,128	0	$60.52	$64.71
Park Avenue	21,350,326	387,600	1,675,329	9.7%	-428,745	-418,809	733,100	657,700	$103.62	$103.62
Penn Station	17,228,104	530,006	552,544	6.3%	65,193	146,230	2,405,844	11,220,751	$68.39	$78.73
Sixth Avenue/Rock Center	39,816,982	857,888	2,254,955	7.8%	-115,089	-446,341	1,523,458	84,000	$76.34	$77.16
Times Square South	30,640,388	699,156	2,456,674	10.2%	-43,508	-675,551	1,223,947	0	$59.08	$70.93
West Side	30,972,069	538,856	2,474,491	9.7%	520,773	411,496	1,445,138	0	$70.94	$71.99
Midtown Totals	243,273,187	5,450,867	20,189,103	10.5%	-33,476	-1,981,091	10,963,897	13,695,406	$76.56	$82.76
Midtown South Totals	69,177,644	1,286,974	4,842,382	8.9%	499,673	-817,530	2,901,907	602,662	$82.32	$98.18
Downtown Totals	89,729,615	1,956,596	33,471,576	11.6%	-1,301,959	387,011	4,420,565	273,876	$63.40	$67.54
Manhattan Totals	402,180,446	8,694,437	33,471,576	10.5%	-835,762	-2,411,610	18,286,369	14,571,944	$74.15	$80.17

Key Market Trends

Vacancy Rates: Overall vacancy increased to 10.5%, with some submarkets seeing significant rises, such as Grand Central (12.5%) and Financial West (22.5%).
Net Absorption: Overall net absorption was negative (-2.4 msf) in Q2 2019, but year-to-date absorption turned positive at 190,860 sf.
Leasing Activity: Year-to-date leasing activity reached 18.286 msf, the highest since 1994.
Rental Rates: Overall asking rents reached a record high of $74.15 psf/year, driven by new developments and strong demand in certain submarkets.

Key Lease Transactions

Property	SF	Tenant	Transaction Type	Submarket
30 Hudson Yards	1,418,000	WarnerMedia	Sale-Leaseback	Penn Station
622 Third Avenue	464,598	McCann Erickson	Renewal	Grand Central
55 Water Street	438,476	Emblem Health	Renewal	Financial East

Key Sales Transactions

Property	SF	Seller / Buyer	Price / $PSF	Submarket
30 Hudson Yards	1,418,000	Time Warner/Related Cos & Allianz Real Estate	$2.2B/$1,551	Penn Station
460 West 34th Street	638,000	Kaufman Organization/SL Green	$292M/$693	Penn Station
850 Third Avenue	490,000	SL Green, LaSalle Mgmt & Quantum Global/Savanna	$38IM/$778	Grand Central

Completed Construction

Property	Building Office RSF	Owner/Developer	Major Tenant	Submarket
390 Madison Avenue	843,675	L&L Holdings	J.P. Morgan Chase/ Shiseido/Hogan Lovells LLP	Grand Central
40 Tenth Avenue	130,000	William Gottlieb/Aurora	Starwood Capital	Hudson Sq./W. Village
300 Lafayette Street	63,346	Nightingale Properties/Wafra Group	Microsoft	SoHo

Outlook

New Leasing Activity: Expected to meet or exceed the record high level of 2018.
Pre-Leasing: Nearly 90% of new construction completions scheduled for the remainder of 2019 have been pre-leased.
Rental Trends: Asking rents are expected to increase as more available space in new developments hits the market with above-average pricing.

Contact Information

Richard Persichetti
Vice President
Tri-State Region Research Lead
Email: richard.persichetti@cushwake.com
Lori Albert
Research Director
Email: lori.albert@cushwake.com
Address: 1290 Avenue of the Americas, New York, NY 10104
Phone: +1 212 841 7500

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm, offering a wide range of services including property, facilities, and project management, leasing, capital markets, and valuation. The firm has a presence in 70 countries and employs approximately 51,000 people across 400 offices. In 2018, the firm reported revenue of $8.2 billion. For more information, visit www.cushmanwakefield.com or follow them on Twitter @CushWake.

Disclaimer

The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.

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