Posts Tagged ‘Manhattan’

New York Central Business District

January 9th, 2023

New York City’s Central Business District is the largest of its kind in the United States and is one of the world’s most prosperous and resilient business hubs. Although there are several designated business districts in New York, the city’s primary Central Business District (CBD) refers to the area consisting of Midtown and Downtown Manhattan. This area has been an influential economic and financial center since the 19th century, mainly thanks to the presence of the New York Stock Exchange and other important financial institutions.

Key Facts & Figures

The CBD consists of three sub-districts: Midtown, Midtown South, and Downtown, which are further divided into 18 submarkets. 2022 data from the NY State Comptroller shows that the city is home to more than 250,000 registered businesses, including 43 S&P 500 corporations.

The CBD has more than 617,000 residents and local companies provide employment to 1.5 million people.

NYC attracts more than 30 million visitors per year, including leisure and business travelers. Visitor numbers are projected to exceed 70 million by 2025.

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January 2022 – U.S. National Office Market Report

February 11th, 2022

man delivers national office report at offices.net

Notable Office Market Insights

  •  Ongoing recovery is the main theme, continuing the trend seen in most office markets throughout 2021.
  •  Positive absorption indicators.
  •  Slight increase in rental rates.
  •  Marked differences in occupancy levels, vacancy rates and general performance from city to city.
  •  Remote working practices are still commonplace in key markets, such as San Francisco.
  •  142 million square feet of office space currently under construction.

Lease Rates & Asking Rents

Recent data from Commercial Edge outlines a nationwide rental listing rate average of $38sq/ft in January 2022. These figures may be seen as somewhat inflated due to the number of high quality spaces currently listed due to being vacant, with Class A workspaces being listed at much higher prices.

According to Avison Young, Q4 average rental prices per square foot in gateway markets were as follows:

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Setting Up A Business In The Empire State Building

April 30th, 2020

The Empire State Building, situated in vibrant Midtown Manhattan, was inaugurated in 1931 and soon after it became one of the most iconic high rises in the city of New York. The 102-storey art deco style skyscraper is located within walking distance of Herald Square and 33rd Street subway stations and is within easy reach of 16 subway lines.

As well as being a major tourist attraction, the Empire State is a commercial building that accommodates office occupiers mostly involved in banking, technology, and advertising and offers one of the most prestigious business addresses in the city of New York. The building’s antenna is also a broadcast tower that serves the media sector, and there are several radio and television stations that broadcast from their offices in the building. Moreover, the Empire State’s observation deck is one of the most visited tourist landmarks in the city, generating approximately 40 percent of the building’s revenues, and attracting around 4 million visitors a year.

This 102-story building is has been occupied by a diverse mix of highly successful companies over the years, and major tenants have included prestigious businesses like LinkedIn, Bank of America, Shutterstock, Expedia, Media General, BNP Media, Qatar Airways, Unipharm, Bonten Media Group, Walgreens, Noven Pharmaceuticals, and Orion Energy.

Finding Office Space In the Empire State Building

The Empire State Building has a total floor area of more than 2 million square feet and includes a fantastic portfolio of small, mid-size and multi-floor units, pre-built offices and built-to-suit premises occupying full floors. Floor sizes range between 12,900 and 100,000 square feet. Read the rest of this entry »

Manhattan Office Market: 2016 Forecast

February 17th, 2016

An in depth look at how the Manhattan office space market has fared in 2015 and forecasts for this coming year.

Manhattan Office Market Overview of 2015

Over the past 12 months, federal economic policy has been focusing on expansion, driving an increase in employment rates, especially as far as office-based employment is concerned. This type of employment grew by 2.6 per cent in just 1 year, and prompted a considerable increase in demand led by occupiers in the Manhattan financial services sector. In certain Manhattan sub-markets (such as in Midtown South), strong demand from tenants in the TAMI sector (technology, advertising, media, and information) was also evident.

At the end of 2015, total office stock in Manhattan was just under 395 million square feet, of which 28 million were vacant. Total transaction volume amounted to more than 28 million square feet, one of the highest figures of the past 10 years. However, there was a slight decline in transaction volumes in downtown Manhattan, where transactions mostly involved small and medium-sized office properties.

Manhattan Office Market: Key Facts & Figures

During 2015, office vacancy rates in Manhattan went down from 9.3 per cent to 8.5 per cent. This decrease equals to 90 basis points on a year-on-year basis, and brings vacancy rates closer to Manhattan’s historical average of 8.9 per cent. In Midtown South, vacancy rates were markedly lower at 6.2 per cent, whereas in downtown Manhattan they went down by 30 basis points to 9.4 per cent. Read the rest of this entry »

Spotlight on Business in Manhattan

March 31st, 2015

Overview of Business in Manhattan

For decades, Manhattan has been a global business hub of undisputed prestige. This New York borough is home to some of the world’s most successful businesses and to the largest stock exchange in the world. Manhattan has repeatedly topped the global lists of most powerful cities, staying ahead of other leading business hubs like London, Dubai, Hong Kong, or Shanghai. Due to its excellent infrastructure, world-class business environment, and valuable human capital, Manhattan is the world’s most desirable business location . The borough’s thriving business scene is a catalyst for economic growth, and this is reflected in the local employment levels. According to the NYCEDC, more than 310,000 jobs are based in this borough, tens of thousands of which have been created in the private sector since 2005.

Major Industries

The banking and financial sector is the key economic driver for the local economy. More than 300,000 people are employed in this industry, which according to the Federal Reserve generates more than 35 per cent of the city’s income. The service sector is another key industry in Manhattan, as it employs over 1 million people in areas like tourism (over 240,000 jobs), professional and business services (287,000 jobs), or healthcare and social assistance (208,000 jobs).

The number of technology, advertising, media, and information companies (TAMIs) has skyrocketed since 2009. Back then, TAMIs barely occupied 100,000 square feet of space in Manhattan, but at the end of 2014 that figure had increased to more than 1.6 million. A report published by the Downtown alliance estimates that this sector is comprised of over 800 firms that generate a combined annual output of $125 billion and that employ nearly 29,000 people. Likewise, Manhattan has recently been attracting a steady number of creative firms. According to an article published at the Wall Street Journal, the number of employees working in creative ventures in this part of Manhattan has increased by 71 per cent over the past five years. Read the rest of this entry »