{"id":429628,"date":"2022-04-10T22:49:03","date_gmt":"2022-04-10T19:49:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/manhattan-commercial-leasing-activity-rises-100-in-q1-from-last-year\/"},"modified":"2022-04-10T22:49:03","modified_gmt":"2022-04-10T19:49:03","slug":"manhattan-commercial-leasing-activity-rises-100-in-q1-from-last-year","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/manhattan-commercial-leasing-activity-rises-100-in-q1-from-last-year\/","title":{"rendered":"#Manhattan commercial leasing activity rises 100% in Q1 from last year"},"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-6a3b35dd7a6bb\" 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-6a3b35dd7a6bb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/manhattan-commercial-leasing-activity-rises-100-in-q1-from-last-year\/#%E2%80%9CManhattan_commercial_leasing_activity_rises_100_in_Q1_from_last_year%E2%80%9D\" >&#8220;Manhattan commercial leasing activity rises 100% in Q1 from last year&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CManhattan_commercial_leasing_activity_rises_100_in_Q1_from_last_year%E2%80%9D\"><\/span>&#8220;Manhattan commercial leasing activity rises 100% in Q1 from last year&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<p>Like the proverbial elephant examined by\u00a0five blind men, the 460 million square-foot Manhattan office market lends itself to many different interpretations. There\u2019s a statistic to support every perspective.<\/p>\n<p>A new report from\u00a0CBRE cheerfully cites a near 100% rise in year-over-year leasing activity for the first quarter of 2022. The 5.68 million square feet of transactions were up 96% over the first quarter of 2021.<\/p>\n<p>Such large deals as IBM Inc. at 1 Madison Ave. (328,000 square feet), PDT Partners at 60 Columbus Circle and Celonis at 1 World Trade Center (75,000 square feet) suggest a major market rebound.<\/p>\n<p>Average Midtown asking rents climbed 2% over the previous quarter. Midtown South leasing volume was up for the third straight quarter. Downtown\u2019s quarterly absorption was positive for the first time since the third quarter of 2019.<\/p>\n<p>All good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, right? But there\u2019s a different take in\u00a0JLL\u2019s latest \u201cOffice Insight\u201d letter. The brokerage found rising vacancies across the board, due in part to sublease additions surpassing demand.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"698\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?w=698\" alt=\"\" class=\"wp-image-21848329\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=1396 1396w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=1047 1047w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=698 698w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=349 349w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/one-world-trade.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 698px) 100vw, 698px\"\/><figcaption>Celonis leased 75,000 square feet of space at 1 World Trade Center.<\/figcaption><figcaption><span class=\"credit\">Paul Martinka for NY Post<\/span><\/figcaption><\/figure>\n<p>It noted that first-quarter leasing was higher than in early 2021 but 25% below the fourth quarter.<\/p>\n<p>Large new sublease availabilities \u201cpushed vacancy up to\u00a0the highest levels recorded since the onset of the pandemic at 15.2 percent.\u201d<\/p>\n<p>Neither set of data is wrong \u2014 it\u2019s rather a matter of choosing which facet of the market to emphasize.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"683\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/1-madison-ave.jpg?w=683\" alt=\"\" class=\"wp-image-21848336\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/1-madison-ave.jpg?quality=75&amp;strip=all&amp;w=1366 1366w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/1-madison-ave.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/1-madison-ave.jpg?quality=75&amp;strip=all&amp;w=683 683w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/1-madison-ave.jpg?quality=75&amp;strip=all&amp;w=341 341w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\"\/><figcaption>1 Madison Ave. now hosts IBM Inc. in a 328,000 square-foot space.<\/figcaption><figcaption><span class=\"credit\">Zandy Mangold for NY Post<\/span><\/figcaption><\/figure>\n<p>Meanwhile,\u00a0Placer.ai, a site that tracks office building foot traffic, reports a huge 102% increase in foot traffic to Manhattan office buildings in February over the same month in 2021. But the traffic was still 46.7% under January 2020, just before the pandemic struck.<\/p>\n<p>\u201cThe city is springing back to life as of the beginning of April, but it\u2019s been slow going,\u201d the site said. \u00a0<\/p>\n<p>In one of the year\u2019s largest new subleases, Phaidon International is taking 71,239 square feet at SL Green\u2019s 711 Third Ave. The global specialist recruitment agency will move from \u00a0622 Third Ave., where the firm had only about half as much space.<\/p>\n<p>Cushman &amp; Wakefield\u2019s David Mainthow represented Phaidon. JLL repped the sublandlord, the Stagwell Group.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"622\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?w=622\" alt=\"\" class=\"wp-image-21848399\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?quality=75&amp;strip=all&amp;w=1244 1244w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?quality=75&amp;strip=all&amp;w=933 933w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?quality=75&amp;strip=all&amp;w=622 622w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?quality=75&amp;strip=all&amp;w=311 311w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/711-third-ave.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 622px) 100vw, 622px\"\/><figcaption>Phaidon International will occupy 71,239 square feet at 711 Third Ave. in one of the year\u2019s largest new subleases.<\/figcaption><figcaption><span class=\"credit\">Imogen Brown for NY Post<\/span><\/figcaption><\/figure>\n<p>Phaidon CEO Harry Youtan said the move\u00a0\u201cis the next\u00a0step of an exceptional eight years of growth in New York. It will allow us to hire and develop 200 additional staff, taking our New York team to 500 in total.\u201d<\/p>\n<p>\u201cThe space was delivered in move-in ready condition, resulting in little upfront capital investment and construction time, which offered a great solution for Phaidon\u2019s thriving business,\u201d said Mainthow.<\/p>\n<p>The new address is a 592,772 square-foot tower one block from Grand Central Terminal. It was renovated\u00a0with improvements that include new elevator cabs, large windows and a three-level parking garage.<\/p>\n<p>Marx Realty\u2019s 10 Grand Central, a 500,000\u00a0square-foot\u00a0Midcentury tower at Third Avenue and East 44th Street, continues to fill up \u00a0\u2014 \u00a0thanks to a recent, $48 million capital improvement program and repositioning.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"976\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/10-grand-central-2.jpg?w=1024\" alt=\"\" class=\"wp-image-21848412\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/10-grand-central-2.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/10-grand-central-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/10-grand-central-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Marx Realty\u2019s 10 Grand Central continues to fill up with 34,000 square feet of new and expanded leases.<\/figcaption><figcaption><span class=\"credit\">Courtesy of Marx Realty<\/span><\/figcaption><\/figure>\n<p>Of 34,000 square feet of newly signed and expanded leases, the largest was a 12,000 square-foot expansion of HLTH, a conference organizer for health innovation. The new lease, plus a renewal on space it already had,\u00a0upped the firm\u2019s footprint in the building from 7,000 to 19,000 square feet.<\/p>\n<p>Marx also signed 15,000 more square feet for\u00a0LIV Golf Inc, Family Management Corp and Kasa Living. On the retail front,\u00a0fast-casual Mediterranean eatery CAVA is coming to 2,600 square feet of ground-floor corner space.<\/p>\n<p>Marx converted more\u00a0than half of 46 previously unused outdoor terraces for tenant use. Upgrades also include a new, four-story entry portal on East 44th Street with\u00a0walnut doors leading into a sleek lobby, and an indoor-outdoor club floor\u00a0with its own lounge, conference space and landscaped terrace.<\/p>\n<p>One\u00a0additional sweetener: Israeli-made \u201cSolato\u201d machines that let tenants make multi-flavored gelato\u00a0in a matter of seconds. Realty Check can attest that the vanilla, at least, is the real deal.<\/p>\n<p>About 65,000 square feet remain available \u2014 which pleases Marx CEO Craig Deitelzweig, since old tenants were paying rents far below today\u2019s market. Asking rents at 10 Grand Central now range from $65 to $120 per square foot.\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\/2022\/04\/10\/manhattan-commercial-leasing-activity-rises-100-in-q1-from-last-year\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Manhattan commercial leasing activity rises 100% in Q1 from last year&#8221; Like the proverbial elephant examined by\u00a0five blind men, the 460 million square-foot Manhattan office market lends itself to many different interpretations. There\u2019s a statistic to support every perspective. A new report from\u00a0CBRE cheerfully cites a near 100% rise in year-over-year leasing activity for the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":429629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/time-warner-center-00-2.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[127817,72881,4952,75389],"class_list":["post-429628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-10-22","tag-commercial-real-estate","tag-manhattan","tag-realty-check"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/429628","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=429628"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/429628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/429629"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=429628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=429628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=429628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}