2019-07-10_DTZ戴德梁行_Office_Q4_2017_Binghamton,NY_2页_358kb

报告摘要

Binghamton, NY Office Market Q4 2017 Summary

Core Content

The Q4 2017 report provides an overview of the office market in Binghamton, NY, highlighting economic indicators, market performance, and key transactions. The data reflects a mixed picture of growth and challenges, with a focus on the local economy's transition from manufacturing to services.

Main Economic Indicators

Binghamton Employment:
- Q4 2016: 103.9k
- Q4 2017: 102.8k
- 12-Month Forecast: ▲ (Increase)
Binghamton Unemployment:
- Q4 2016: 5.1%
- Q4 2017: 5.4%
- 12-Month Forecast: ▼ (Decrease)
U.S. Unemployment:
- Q4 2016: 4.7%
- Q4 2017: 4.1%
- 12-Month Forecast: ▼ (Decrease)

Market Overview

Net Absorption (sf):
- Q4 2016: 34.9k
- Q4 2017: 29.5k
- 12-Month Forecast: ▲ (Increase)
Vacancy Rate:
- Q4 2016: 10.3%
- Q4 2017: 9.0%
- 12-Month Forecast: ▼ (Decrease)
Under Construction (sf):
- Q4 2016: 107.5k
- Q4 2017: 90k
- 12-Month Forecast: ■ (No change)
Average Asking Rent (psf/year):
- Q4 2016: $13.30
- Q4 2017: $12.84
- 12-Month Forecast: ▲ (Increase)

Submarket Analysis

Submarket	Inventory (SF)	Direct Vacant (SF)	Overall Vacancy Rate	YTD Net Absorption (SF)	YTD Leasing Activity (SF)	Under Construction (SF)	Overall Average Asking Rent (All Classes)	Class A Average Asking Rent
CBD	1,651,397	96,423	5.84%	51,712	29,178	0	$12.56	$12.84
Northwest	1,120,447	135,253	12.07%	29,629	37,964	90,000	$15.67	$15.67
Southwest	932,575	47,031	5.04%	19,726	21,875	0	$17.00	$17.00
Southeast	755,783	120,000	15.88%	0	0	0	N/A	N/A
Northeast	93,420	13,200	14.13%	0	0	0	N/A	N/A
Total	4,553,622	411,907	9.0%	101,067	89,017	90,000	$12.84	$12.84

Key Lease Transactions Q4 2017

2 Court Street: 8,795 sf, leased to Renaissance Life And Health Insurance, CBD
320 Jensen Road North: 4,685 sf, leased to Profit Rhino, BNG-SW
59 Sixty-One Court Street: 1,900 sf, leased to Barton And Loguidice DPC, CBD
95 Court Street: 1,597 sf, leased to Imperial Woods LLC, CBD

Key Sales Transactions Q4 2017

265 Industrial Park Drive: 428,220 sf, sold for $3,700,000 ($8.64 psf), BNG-SE
229 State Street: 42,000 sf, sold for $1,950,000 ($46.42 psf), CBD
240 Riverside Drive: 23,383 sf, sold for $5,375,000 ($229.86 psf), BNG-NW
16 Canal Street: 4,860 sf, sold for $250,000 ($51.44 psf), BNG-NE
138 Court Street: 4,600 sf, sold for $330,000 ($71.73 psf), CBD

Outlook

The Greater Binghamton Fund was announced in Q4 2017, focusing on economic development and innovation districts in the urban core of Broome County. Awards to projects will be made early in 2018.
The Kauffman Southern Tier Incubator in downtown Binghamton now houses and assists 38 emerging companies.
The 650,000-sf Dick's Sporting Goods distribution center expanded to 923,000 sf with a projected hiring of 525 employees, 200 of which were already hired.
The formation of Imperium3 will create at least 230 new jobs in the county.
New multi-family construction and conversion for both affordable housing and market-rate apartments continues, aiming to fill housing gaps in the county. Notable projects include:
- 97 loft units at a former factory building in Binghamton
- Conversion of a 255,000-sf factory building in the Johnson City district for affordable housing and commercial space