Pier 40 Commercial Office Analysis
Commercial Office
Supply
Pier 40 is the largest commercial pier in the Park and the source of $6 million in annual operating revenue. Designed as the largest pier structure on the Hudson River, Pier 40 is a nearly 15-acre expanse with ball fields and a 775,000-square-foot building with offices, sports facilities and a parking garage.
Commercial Buildings( OasisNYC)
| Q1 2012 | Q1 2013 | Y-O-Y Change | Overall Vacancy | 16.7% | 15.9% | - 0.8 pp | Manhattan Vacancy | 10.3% | 9.1% | -1.2 pp | Direct Asking Rents (national) | $27.93 | $28.24 | 1.1% | Direct Asking Rents (Manhattan) | $57.69 | $59.33 | 2.8% | Leasing Activity (sf national) | 42,771,283 | 42,443,660 | -0.8% | Leasing Activity (sf Manhattan) | 5,633,974 | 5,633,974 | -2.3% | Inventory Manhattan(sf) | 438,176,642 | 444,228,244 | 1.4% |
Cushman & Wakefield
Overall vacancy in Cushman & Wakefield’s core 41 markets throughout the U.S. fell 0.8 pp. in the past twelve months, ending first quarter at 15.9%. For Manhattan, while nearly 900,000 square feet (sf) of new sublease vacancy was brought to market over the past year, a substantial decline of direct available space made Manhattan’s overall vacancy rate fall to 9.1%.
Manhattan average asking rents rose to $59.33 per square foot (psf), representing an increase of 2.8% from March 2012. While January and February were strong leasing months, the pace of activity slowed in March, generating 5.6 million square feet (msf) of new leasing for the quarter, slightly below the long term average. Of the transactions 50,000 sf and larger, 64% consisted of new leasing activity, contributing to the decline in direct available space. A year ago at this time, 68% of all transactions in this size range were comprised of renewal activity.
Midtown South | Year-end Overall Vacancy | Current Inventory | Overall Net Absorption | Chelsea | 8.0% | 21420792 | (56099) | Granercy Park | 6.8% | 22642607 | (20974) | Greenwich
Supply
Pier 40 is the largest commercial pier in the Park and the source of $6 million in annual operating revenue. Designed as the largest pier structure on the Hudson River, Pier 40 is a nearly 15-acre expanse with ball fields and a 775,000-square-foot building with offices, sports facilities and a parking garage.
Commercial Buildings( OasisNYC)
| Q1 2012 | Q1 2013 | Y-O-Y Change | Overall Vacancy | 16.7% | 15.9% | - 0.8 pp | Manhattan Vacancy | 10.3% | 9.1% | -1.2 pp | Direct Asking Rents (national) | $27.93 | $28.24 | 1.1% | Direct Asking Rents (Manhattan) | $57.69 | $59.33 | 2.8% | Leasing Activity (sf national) | 42,771,283 | 42,443,660 | -0.8% | Leasing Activity (sf Manhattan) | 5,633,974 | 5,633,974 | -2.3% | Inventory Manhattan(sf) | 438,176,642 | 444,228,244 | 1.4% |
Cushman & Wakefield
Overall vacancy in Cushman & Wakefield’s core 41 markets throughout the U.S. fell 0.8 pp. in the past twelve months, ending first quarter at 15.9%. For Manhattan, while nearly 900,000 square feet (sf) of new sublease vacancy was brought to market over the past year, a substantial decline of direct available space made Manhattan’s overall vacancy rate fall to 9.1%.
Manhattan average asking rents rose to $59.33 per square foot (psf), representing an increase of 2.8% from March 2012. While January and February were strong leasing months, the pace of activity slowed in March, generating 5.6 million square feet (msf) of new leasing for the quarter, slightly below the long term average. Of the transactions 50,000 sf and larger, 64% consisted of new leasing activity, contributing to the decline in direct available space. A year ago at this time, 68% of all transactions in this size range were comprised of renewal activity.
Midtown South | Year-end Overall Vacancy | Current Inventory | Overall Net Absorption | Chelsea | 8.0% | 21420792 | (56099) | Granercy Park | 6.8% | 22642607 | (20974) | Greenwich