{"id":132725,"date":"2020-12-14T02:29:23","date_gmt":"2020-12-13T23:29:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/manhattans-office-leasing-picture-in-a-downturn\/"},"modified":"2020-12-14T02:29:23","modified_gmt":"2020-12-13T23:29:23","slug":"manhattans-office-leasing-picture-in-a-downturn","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/manhattans-office-leasing-picture-in-a-downturn\/","title":{"rendered":"#Manhattan\u2019s office-leasing picture in a downturn"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348c5ff0caa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348c5ff0caa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/manhattans-office-leasing-picture-in-a-downturn\/#More_from\" >More from:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/manhattans-office-leasing-picture-in-a-downturn\/#Not_so_bleak_on_Bleecker\" >Not so bleak on Bleecker<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/manhattans-office-leasing-picture-in-a-downturn\/#Renaissance_in_Noho\" >Renaissance in Noho<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/manhattans-office-leasing-picture-in-a-downturn\/#A_%E2%80%98Trusted_location\" >A \u2018Trusted\u2019 location<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Manhattan\u2019s office-leasing picture in a downturn<\/strong>&#8221;<\/p>\n<div>\n<div class=\"in-line-column wp-caption alignleft\">\n<div class=\"box module inline columnist desktop\">\n<div class=\"columnist-info\">\n<h4><span class=\"ez-toc-section\" id=\"More_from\"><\/span>More from:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h3><\/h3>\n<picture class=\"columnist-image\"><img decoding=\"async\" alt=\"\" class=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><\/picture><\/div>\n<\/div><\/div>\n<p>Amid intensifying calls to convert some older Manhattan office buildings to residential \u2014 including by the influential Real Estate Board of New York \u2014 comes even more grim <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> about the pandemic-battered market.<\/p>\n<p>It\u2019s scary to think about, but Manhattan\u2019s office-leasing picture is worsening by the month. The large, spirits-lifting deals signed in the spring and summer for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nypost.com\/2020\/04\/20\/coronavirus-pandemic-hasnt-derailed-nyc-leasing\/\">AIG, TikTok and Facebook seem a distant memory. <\/p>\n<p>CBRE\u2019s latest activity report found that year-to-date leasing of 11.87 million square feet was down 58 percent over last year. Things took an even darker turn in November, when leasing totaled a mere 482,000 square feet \u2014 a staggering 78 percent below the five-year monthly average of 2.16 million square feet.<\/p>\n<p>The pitiably puny numbers broke the record for lowest monthly leasing for the third time this year. \u201cI wouldn\u2019t say it\u2019s free-fall, but it\u2019s a lot worse than just an adjustment,\u201d said a broker who wisely didn\u2019t want to be named. He quickly added, \u201cWe\u2019ll recover, but it won\u2019t be overnight.\u201d<\/p>\n<p>Among the CBRE report\u2019s other highlights, if they may be called that:<\/p>\n<ul>\n<li>\u200aContinued negative absorption pushed Manhattan availability to 14.8 percent, compared with 11.1 percent in November 2019.<\/li>\n<\/ul>\n<ul>\n<li>Suffering Midtown South and downtown saw November\u2019s five-year monthly average off by 94 and 90 percent, respectively.<\/li>\n<\/ul>\n<ul>\n<li>\u200aIn Midtown, sublease additions to the market drove a decline in asking rents down to $83.07 per square foot, versus $84.16 in October and $87.03 in November 2019. The largest new block of Manhattan sublease space was 206,000 square feet by S&amp;P Global at 55 Water St. downtown.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Not_so_bleak_on_Bleecker\"><\/span>Not so bleak on Bleecker<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are nuggets of good news even in the worst of times.<\/p>\n<p>There was much scoffing when Brookfield Properties bought seven Bleecker Street storefronts in four buildings between West 10th and West 11th streets for $31 million in 2018. At the time, Bleecker was struggling to recover from a blight of empty stores, including five of the ones Brookfield bought.<\/p>\n<p>The developer t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed its creative team to enliven the block with arts and cultural programming under the name Love, Bleecker. Tenants soon followed. Now six of the shops are filled, and a deal is near for the seventh.<\/p>\n<p>In the latest signed leases, global design shop Arc\u2019teryx launched a boutique with almost 5,000 square feet on two levels at 367 Bleecker St., while modern-jewelry brand Tarin Thomas will soon open its first brick-and-mortar shop at 92 Perry St.<\/p>\n<p>Brookfield\u2019s senior VP for retail leasing called Arc\u2019teryx and Tarin Thomas \u201cexciting, growing brands that will contribute to the ongoing revitalization of this unique retail corridor in a major way.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Renaissance_in_Noho\"><\/span>Renaissance in Noho<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Renaissance Properties is enjoying a leasing mini-spree at its atmospheric Manhattan office buildings. The company, headed by father-and-son owners Ken and Bradley Fishel, has inked 16 new deals so far this year.<\/p>\n<p>At its flagship, 12-story 632 Broadway in Noho, new arrivals will soon include an unidentified fintech firm for 15,323 square feet and tech firm Automattic for 11,500 square feet. The 1897-vintage loft-style property, which is 80 percent leased, is also home to Serengeti Asset Management and Tumblr. Asking rents range from $32 per square foot on low floors and $69 per square foot on higher floors.<\/p>\n<p>The 150,000-square-foot property has a private tenants\u2019 rooftop. It also boasts assets that are appealing to pandemic-era tenants: two lobbies to help control the flow of people, and large, wood-framed windows to let in fresh air.<\/p>\n<p>\u201cThese buildings were designed to provide fresh air in a time before air-conditioning,\u201d Bradley Fishel noted. \u201cBuildings of this vintage, unlike modern buildings, create cross-ventilation. The most important thing right now is that tenants feel safe.\u201d<\/p>\n<p>Some 32,000 square feet were also leased at Renaissance\u2019s Midtown properties at 264 W. 40th St. and 62 W. 45th St.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_%E2%80%98Trusted_location\"><\/span>A \u2018Trusted\u2019 location<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Trusted <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> Brands is moving from SL Green\u2019s 750 Third Ave. to the same landlord\u2019s 485 Lexington Ave. The nearly 15,000-square-foot lease is good news for the tenant and for SL Green, but has special meaning for JLL Vice Chairmen Matthew Astrachan and Mitch Konsker. The power brokers have represented Trusted Media Brands for 36 years.<\/p>\n<p>Trusted Media is home to iconic brands, including Reader\u2019s Digest and Taste of Home. It spans multiple digital platforms, such as social media, magazines and books.<\/p>\n<p>The company wanted to stay in the SLG portfolio but was seeing a direct lease rather than a sublet, such as it had at 750 Third. The Lexington Avenue floor moreover boasted a prebuilt unit \u201cthat checked a lot of boxes for us,\u201d Trusted Media CFO Dean Durbin said. \u201cIn addition, SL Green has changed some maintenance procedures and protocols to address concerns for returning back to the office.\u201d<\/p>\n<p>The landlord was repped by a JLL team that included Paul Glickman and Jonathan Fanuzzi.\n            <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2020\/12\/13\/manhattans-office-leasing-picture-in-a-downturn\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Manhattan\u2019s office-leasing picture in a downturn&#8221; More from: Amid intensifying calls to convert some older Manhattan office buildings to residential \u2014 including by the influential Real Estate Board of New York \u2014 comes even more grim news about the pandemic-battered market. It\u2019s scary to think about, but Manhattan\u2019s office-leasing picture is worsening by the month&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":132726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/manhattan-office-leasing.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[83622,83677,72881,75297,73218,80282],"class_list":["post-132725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-13-20","tag-cbre","tag-commercial-real-estate","tag-midtown","tag-office-buildings","tag-sl-green-realty-corp"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=132725"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/132726"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=132725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=132725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=132725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}