2019-07-10_DTZ戴德梁行_Office_Q3_2018_Manhattan_4页_5mb

报告摘要

Manhattan Office Market Q3 2018 Summary

Core Content

The Manhattan office market in Q3 2018 showed mixed trends, with strong leasing activity but rising vacancy rates and subdued absorption in certain submarkets. The report highlights key economic and market indicators, lease and sale transactions, and completed construction projects, offering a comprehensive overview of the real estate landscape in the city.

Main Economic Indicators

New York City Employment: Increased by 53,000 jobs over the past year, reaching 4.5 million in August.
New York City Unemployment: Dropped to 4.1% in August, marking the 11th consecutive month below 4.5%, the longest on record.
U.S. Unemployment: Continued to decline to 3.9% in Q3 2018.

Market Overview (Overall, All Classes)

Vacancy Rate: Increased by 30 bps to 9.5%, the highest level in four years.
Net Absorption (sf): Rose to 6.0 million square feet in Q3 2018, the highest in the quarter since 2016.
Under Construction (sf): Grew to 16.7 million square feet, up from 13.2 million in Q3 2017.
Average Asking Rent (psf/year): Remained stable at $72.65, but reached all-time highs in specific areas like Midtown South and Downtown.

Submarket Performance

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Q3 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	21,231,123	299,539	1,599,500	8.9%	69,101	105,056	1,245,415	0	$72.45	$73.38
Grand Central	43,149,311	580,894	3,866,100	10.3%	1,598,564	1,764,266	4,142,771	2,576,630	$69.40	$72.78
Madison/Fifth	24,126,127	504,594	2,635,356	13.0%	-255,843	-201,540	1,152,536	0	$91.90	$97.93
Murray Hill	14,141,843	266,799	839,104	7.8%	-129,125	-123,066	862,658	0	$58.97	$66.95
Park Avenue	21,350,326	333,714	1,458,650	8.4%	577,900	600,260	1,230,938	657,700	$93.51	$93.51
Penn Station	15,809,334	532,979	709,083	7.9%	263,780	316,251	1,929,346	12,602,521	$62.40	$67.80
Sixth Avenue/Rock Center	39,865,982	692,804	2,481,889	8.0%	201,815	1,312,692	2,958,360	84,000	$84.10	$85.21
Times Square South	30,348,473	472,692	2,080,387	8.4%	-146,857	753,610	2,495,036	0	$59.71	$73.50
West Side	30,953,569	576,967	2,226,448	9.1%	-223,298	-44,586	1,187,390	0	$73.73	$78.02
Midtown Totals	240,976,088	4,260,982	17,896,517	9.2%	1,956,037	4,482,943	17,204,450	15,920,851	$76.12	$82.81
Chelsea	16,945,702	309,596	964,072	7.5%	33,436	275,394	683,483	348,561	$74.76	$133.14
Greenwich/NoHo	4,790,587	19,465	127,044	3.1%	-18,072	261,047	459,924	0	$78.66	$113.50
Hudson Square/West Village	10,995,231	490,118	812,618	11.8%	-61,139	-251,390	811,722	0	$84.13	$92.90
Madison/Union Square	31,997,316	284,466	1,622,063	6.0%	129,464	892,663	2,726,239	130,000	$69.78	$77.61
SoHo	4,014,660	100,366	348,875	11.2%	-65,793	90,293	384,681	114,673	$85.50	N/A
Midtown South Totals	68,743,496	1,204,011	3,874,672	7.4%	17,896	1,268,007	5,066,049	593,234	$76.42	$93.43
City Hall	7,690,533	13,170	249,203	3.4%	46,313	183,013	347,867	0	$48.19	$44.78
Financial East	33,823,294	460,161	3,383,686	11.4%	-452,491	-728,266	917,599	48,077	$58.12	$60.23
Financial West	5,986,809	82,260	1,141,564	20.4%	-12,824	-260,876	235,022	185,295	$56.12	$50.33
Insurance	13,000,604	315,482	1,379,380	13.0%	-13,957	-551,483	390,246	0	$58.58	$63.00
TriBeCa	5,124,468	106,289	322,058	8.4%	-146,492	-138,447	47,999	0	$82.09	$84.15
World Trade	24,103,907	377,636	2,928,326	13.7%	35,272	1,751,591	1,493,115	0	$74.20	$74.64
Downtown Totals	89,729,615	1,354,998	9,404,217	12.0%	-544,179	255,532	3,431,848	233,372	$63.72	$67.23
Manhattan Totals	399,449,199	6,819,991	31,175,406	9.5%	1,429,754	6,006,482	25,702,347	16,747,457	$72.65	$78.67

Key Market Trends

Leasing Activity: Q3 2018 saw a record 9.6 million square feet of new leasing, the highest in 18 quarters.
Vacancy Rates: Overall vacancy increased by 30 bps to 9.5%, while Midtown South vacancy rose to 7.4% due to new supply.
Absorption: Year-to-date net absorption remained positive at 6.0 million square feet, despite a negative Q3 result.
Rental Rates: Midtown South and Downtown saw record asking rents, while Madison/Fifth Avenue and other submarkets experienced declines due to sublease space.

Key Lease Transactions

219 & 235 East 42nd Street: Pfizer completed a 1.175 million square foot sale-leaseback in Grand Central.
330 West 42nd Street: DHU Realty and 1199 SEIU renewed a lease of 521,374 square feet in Times Square South.
90 Church Street: NYCHA renewed a lease of 422,264 square feet in World Trade.

Key Sales Transactions

219 & 235 East 42nd Street: Sold for $370M, with no price per square foot specified.
540 West 26th Street: Sold for $257M at $1,567 per square foot in Chelsea.
183 Madison Avenue: Sold for $222.5M at $802 per square foot in Murray Hill.

Completed Construction Projects

512 West 22nd Street: 162,000 square feet of office space added in Chelsea.
61 Ninth Avenue: 145,741 square feet of office space added in Hudson Square/West Village.

Outlook

Manhattan new leasing is expected to reach the second-highest level on record in 2018.
Midtown inventory is projected to increase in Q4 with the addition of 390 Madison Avenue and 55 Hudson Yards.
Asking rents will increase modestly as new supply comes online.

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

Cushman & Wakefield is a leading global real estate services firm with 48,000 employees across 400 offices and 70 countries. In 2017, the firm reported revenue of $6.9 billion, covering core services like property management, leasing, and capital markets. The firm provides comprehensive market insights and real estate solutions to occupiers and owners worldwide.

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