Foreign owners don’t give a buck about concession packages

“When in Rome” appears to have gotten lost in translation when it comes to Manhattan’s office market. Foreign owners are ignoring the custom set by Manhattan’s real estate families, real estate investment trusts and private equity owners of offering pricey incentive packages to lure tenants, according to a new report from Colliers International. “Foreign owners […]

Growth in NYC office supply is “a good thing”: Marc Holliday

With millions of square feet in new office space being built at Hudson Yards and the World Trade Center complex, some market observers are warning of a supply glut. But Manhattan’s largest office landlord, SL Green Realty, is having none of that. “The addition of new supply to Manhattan is a good thing,” the company’s […]

Manhattan on track to see negative office absorption for first time in 7 years: Colliers

For the first time in seven years, the Manhattan office market is set to have a negative absorption rate, as leasing activity through the third quarter hasn’t been able to keep pace with additional supply. Absorption year-to-date sits at negative 2.2 million square feet, according to Colliers International’s third-quarter office report. Unless the fourth quarter […]

Manhattan monthly office leasing activity fell below 2M sf for first time this year in May

Demand for Manhattan office space “lost some momentum” in May, according to Cushman & Wakefield’s latest office market report, which noted that monthly leasing activity in the borough fell below 2 million square feet for the first time this year. There were 1.8 million square feet of new Manhattan office leases signed last month, the […]