Professional Documents
Culture Documents
1Q13
Absorption
6,000,000 3,000,000 0 -3,000,000 -6,000,000 -9,000,000 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Key Indicators
Total Inventory (SF) 1Q13 Asking Rent (Price/SF) Availability Rate (%) Under Construction (SF) Net Absorption (SF) Deliveries (SF) $52.92 12.9% 11,004,624 1Q13 -547,983 0 4Q12 $54.43 12.7% 10,434,780 4Q12 860,041 0 439,565,565 1Q12 $52.78 12.9% 10,434,780 YTD13 -547,983 0
1Q13
Absorption
4,000,000 2,000,000 0 -2,000,000 -4,000,000 -6,000,000 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Key Indicators
Total Inventory (SF) 1Q13 Asking Rent (Price/SF) Availability Rate (%) Under Construction (SF) Net Absorption (SF) Deliveries (SF) $62.33 13.5% 1,769,150 1Q13 -736,453 0 4Q12 $65.38 13.1% 1,769,150 4Q12 595,470 0 209,583,830 1Q12 $65.42 13.2% 1,769,150 YTD13 -736,453 0
1Q13
Absorption
3,000,000 1,500,000 0 -1,500,000 -3,000,000 -4,500,000 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Key Indicators
Total Inventory (SF) 1Q13 Asking Rent (Price/SF) Availability Rate (%) Under Construction (SF) Net Absorption (SF) Deliveries (SF) $44.91 9.9% 969,844 1Q13 -56,510 0 4Q12 $44.89 9.7% 400,000 4Q12 -119,936 0 136,776,777 1Q12 $39.84 10.0% 400,000 YTD13 -56,510 0
1Q13
Absorption
2,000,000 1,000,000 0 -1,000,000 -2,000,000 -3,000,000 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Key Indicators
Total Inventory (SF) 1Q13 Asking Rent (Price/SF) Availability Rate (%) Under Construction (SF) Net Absorption (SF) Deliveries (SF) $42.21 15.9% 8,265,630 1Q13 244,980 0 4Q12 $42.77 15.9% 8,265,630 4Q12 384,507 0 93,204,958 1Q12 $41.72 16.4% 8,265,630 YTD13 244,980 0
1Q13
1Q13
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Economic Conditions
According to the New York City Comptrollers Office, total job growth was up 1.3%, or 48,300 positions, in the 12 months ending in February 2013. The private sector performed slightly better, up 1.5%, or 50,300 positions. Professional & business services saw the most dramatic increase, up 4.5% over the past year, thanks in large part to the burgeoning tech and new media fields. In other office sectors, the news was not so rosy with information (non-internet publishing, motion pictures) down 2.7% while financial activities declined 1.3%. Locally, there remains a disconnect between job growth and the unemployment rate. The NYSDL reported that the unemployment rate for New York City at the end of February 2013 was 9.1%, down 30 basis points from a year ago but still steep considering local job growth. Theories abound regarding the disparity, though one of the leading suppositions is that there is a much smaller (and error prone) sample size for the unemployment rate. It is very likely that the job growth figures are more accurate.
Employment By Industry
New York City, February 2013 1.9% 3.0% 4.4% 4.5% 4.7% 15.7% 9.3%
Manufacturing Construction Information Other Services Education Leisure/Hospitality Financial Activities 11.1% Government Trade/Transportation/Utilities
16.3%
15.2% 14.0%
Unemployment Rate
Seasonally Adjusted 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% Feb-08
Payroll Employment
Total Nonfarm, Not Seasonally Adjusted, 12-Month % Change 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Feb-08
Feb-09
Feb-10
Feb-11
Feb-13
Feb-09
Feb-10
Feb-11
Feb-13
United States
United States
Source: U.S. Bureau of Labor Statistics, New York State Department of Labor
Source: U.S. Bureau of Labor Statistics, New York State Department of Labor
Feb-10
Feb-11
Feb-12
Feb-13
Government -6.0% Source: New York City Comptrollers Office -3.0% 0.0% 3.0% 6.0%
RESEARCH
New York City HEADQUARTERS 125 Park Avenue New York, NY 10017 212.372.2000 Robert Sammons Head of Research 212.372.2099 rsammons@ngkf.com Ronnie Wagner Director, Research Peter Hur Senior Research Analyst David Chase Research Analyst Dan Appel Research Analyst James Rorty GIS Analyst Glossary of Terms Absorption A measure of the change in occupied space Availability Space marketed for lease regardless of when the space will be available or whether the space is vacant or occupied Deliveries The total RBA of properties added to the inventory once construction has been completed Direct Space Available space offered for lease by the building owner, landlord, or owner representative Leasing Activity The volume of leases signed including new leases, direct and sublet leases, extensions and renewals, and leases signed in proposed or under construction buildings Occupancy Any space physically occupied by a tenant, regardless of lease status of the space Rentable Building Area (RBA) A measurement of the total square feet in a building including the tenant and common areas such as the lobby and hallways Sublet Space Available space offered for lease by a building tenant seeking a subtenant to fulfill the remaining lease obligation Under Construction Buildings under construction are defined by the time the foundation is poured through the time the building is certified for occupancy Vacancy Space not physically occupied by a tenant, regardless of the lease status or availability of the space Weighted Average Rent The asking dollar amount for the use of available space, weighted by size--the average does not include negotiable or unpublished rates and is reported as full service including operating costs
Office inventory includes all multi-tenant and single tenant buildings at least 20,000 square feet in total rentable building area. Owner occupied buildings are not included in the inventory.
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