New York City Office Market Report, First Quarter 2013

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1 New York City Office Market Report, First Quarter 213

2 Q1-213 New York City Office Market Report, First Quarter 213 OFFICE MARKET # BLDGS. TOTAL RBA DIRECT SUBLET TOTAL TOTAL AVERAGE UNDER (SF) AVAILABLE (%) AVAILABLE (%) AVAILABLE (%) RATE ($/SF/YR) CONSTRUCTION (SF) MIDTOWN Columbus Circle 88 31,272, % 5.% 11.7% $ ,52,15 Grand Central ,865, % 3.2% 15.1% $ Murray Hill 65 12,11, % 2.% 7.9% $ Penn Plaza / Garment District ,213, % 1.9% 13.3% $44.53 Plaza District ,83, % 2.7% 12.4% $ Times Square ,322, % 2.% 12.2% $ , UN Plaza 17 3,555,94 3.5%.1% 3.6% $ MIDTOWN TOTAL ,72,24 9.9% 2.7% 12.6% $6.1 1,769,15 MIDTOWN SOUTH Chelsea ,449,265 8.%.8% 8.8% $ ,844 Gramercy Park ,849, % 1.% 7.6% $ Greenwich Village 47 4,843, % 3.3% 15.2% $ , Hudson Square 32 9,328, % 1.6% 7.% $ SoHo 12 6,5, % 1.6% 7.3% $ , MIDTOWN SOUTH ,971, % 1.2% 8.5% $ ,844 TOTAL DOWNTOWN City Hall 61 6,29, %.4% 5.1% $ Financial District 59 39,944, % 1.8% 16.6% $ Insurance District 36 1,35, %.7% 11.2% $ Tribeca 27 7,513, % 3.% 8.1% $ World Trade Center 34 24,533, % 2.% 22.7% $ ,265,63 DOWNTOWN TOTAL ,811, % 1.7% 16.9% $ ,265,63 Midtown Total ,72,24 9.9% 2.7% 12.6% $6.1 1,769, NAI Global The contents of this report are intended for the individuals to whom it is presented or delivered and their company associates. Any dissemination or replication, without the express authorization of NAI Global, is strictly prohibited. Midtown South Total ,971, % 1.2% 8.5% $ ,844 Downtown Total ,811, % 1.7% 16.2% $ ,265,63 MANHATTAN 1,59 428,855,8 1.4% 2.3% 12.7% $51.9 1,583,624

3 Manhattan 13% Overall Vacanacy % Vacancy Net Absorption Midtown OVERVIEW: The Manhattan office transaction volume for Q1 ended with more than 3.6 million SF. After a dramatic decrease in Q3 212, NYC s net absorption continued to stay positive throughout Q4 212 and Q1 213 at 72,647 SF. There was a spike in construction from 1,445,28 ending Q1 at 1,583,624. Asking rents and overall vacancy continue to remain consistent throughout Manhattan. The relative lack of leasing activity is largely a result of financial services firms delaying leasing decisions due to continuing concerns over the European debt crisis and the U.S. tax, deficit and regulatory policies. Hurricane Sandy has also taken a huge plunge into NYC Real Estate. Many landlords are facing challenges going forward to secure their properties and many of these changes may result in higher rents. This sector comprises approximately a quarter of Manhattan s total office tenancy, and is the driving market force for large blocks of space in Midtown and Downtown. Leasing activity was dominated by a large lease renewal taking place in Midtown. This transaction was for 646, SF at 11 Penn Plaza. The Tenant involved in the renewal was Macy s. Larger leases to follow were well above 1, SF. These included a lease by Microsoft for 23, SF located at 11 Times Square and a lease by Harper Collins for 18, SF located at 195 Broadway; both leases were for office space. New York City s labor statistics present a mixed picture for the city. The unemployment rate has slightly increased, ending at 9.9% in Q1. However, the proposed expansion of Chelsea Market has been approved. This project is predicted to create more than 1,2 long-term jobs as well as 6 construction jobs. This project will also allow for a positive economic boost for NYC. Manhattan is the toughest real estate market in the world and a lot of it is from its retail success. The constant arrival of tourists has pushed retail sales in the city far higher than in the rest of the state and country. New York City has the location and the drive to improve its economy. The market is and will remain fiercely competitive for the next few years. This is due to longer leases and not enough inventories to offer. Investment sales activity was dominated by the Midtown South market in Q1. Totaling well above $7 million in sales, there were three in Midtown South that stood out; 45 West 15th Street, 55 Washington Street and 24 & 28 West 25th Street. Midtown and Downtown s largest sales pulled a combined total of approximately $4 million. From watch- TRENDS: Vacancy Net Absorption Construction Asking Rents 12% 11% $54. $52. $5. $48. 1% 9% 8% 7% 6% Net Absorption (in thousands SF) Total Avg Rate ($/sf/yr) ($/SF/yr) NYC Unemployment Rate (%) NYC Unemployment Rate 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Unemployment Rate 13% 12% 11% Construction Asking Rents In the first quarter of 212, Manhattan was surprised to see the decline of overall asking rents in Midtown. A decline has not been seen since Q1 21. Then Manhattan watched closely as the price rose from $58.97, ending the year at $ Now, a year later, NYC ends Q1 with an average asking rent of $6.1. Midtown leasing activity ended 212 with a grave disappointment, having zero leases that were above 1, SF; however, 213 started off with a boom. Midtown closed Q1 with the most lease transactions above 1, SF, totaling approximately 1.2 million SF. The largest lease for Midtown was a renewal for Macy s at 11 Penn Plaza for 646, SF. The two largest to follow were for 23, SF of office space at 11 Times Square for Microsoft and 157, SF for Univision Communications Inc. at 65 Third Avenue. The largest sale transaction in Midtown for Q1 was a Private Investor s purchase of East 59th Street for a total of $34 million. East End Capital and Kushner Companies transaction ranked as the second largest sale for Midtown. $95,, was paid for the purchase of 321 West 44th Street. The next largest transaction to follow was a Private Investor s purchase of 92 Broadway for 24, SF at the price of $87.5 million. Overall Vacanacy % Net Absorption (in thousands SF) Total Avg Rate ($/SF/yr) Significant Leasing Activity Tenant: Address: Size: Submarket: Macy s (renewal) 11 Penn Plaza 646, SF Penn Plaza Microsoft 11 Times Square 23, SF Times Square Univision Communications Inc. 65 Third Avenue 157, SF Grand Central Jefferies Group Inc. 52 Madison Avenue 133, SF Plaza District Hp Girlswear/BB Active 1 West 33rd Street 61,916 SF Penn Plaza Significant Building Sales Address: Size: Price:* Price (PSF):* Buyer: Seller: East 59th Street 47, $34,, $723.4 Private Investor 232 Battaglia Realty, LLC 321 West 44th Street 228,268 $95,, $416.2 East End Capital Kushner Companies 92 Broadway / 9 East 38th Street 24, $87,5, $429 Private Investor Yeshiva University West 43rd Street N/A $62,4, N/A Atlas Capital Zubarry Associates $6.2 $6. $59.8 $59.6 $59.4 $59.2 $59. $58.8 $58.6 $58.4 Total Avg Rate ($/sf/yr)

4 Midtown South Midtown South, always finishing strong, has experienced a slight upsurge this quarter with an overall market size of 65,971,392 SF. Net absorption has remained the exact same since Q4 holding at (87,76) SF. The submarket s overall vacancy remained flat. Average asking rents continued to slightly rise, going from $52.1 to $52.7. The SoHo district still remains one of the more active districts in this submarket; however, three of the largest lease deals took place in Chelsea. Adidas signed a lease in Midtown South allowing it to take on the largest amount of SF for the quarter. The lease covers 152,2 SF at 435 Hudson Street in Hudson Square. Other significant leases were in Chelsea, where Google signed a lease in the Chelsea Market for 9, SF. SAE Institute, a school focusing on the careers in the audio industry, signed a lease for 27, SF at 218 West 18th Street. Midtown South s largest sale transaction was completed by Jamestown Properties in the purchase of 45 West 15th Street, totaling 325, SF for the price of $284 million or $874 PSF. Fortress Investment Group purchased 55 Washington Street for $25,, or $195 PSF. Another major deal for Midtown South includes the purchase of 24 & 28 West 25th Street by a Private Investor from Yeshiva University. This transaction was for 25, SF for a total of $115 million or $46 PSF. Vacancy Net Absorption Construction Asking Rents Downtown s average asking rent has continued to remain flat at $39.85, keeping rents well above the $35.62 SF rate reported just three years ago. The overall market size has remained steady as well at a total of 88,811,592 SF. Downtown s net absorption continues to remain positive going on for its seventh consecutive quarter. The largest lease for this submarket was signed by Harper Collins of 18, SF at 195 Broadway. Other major leases included a signing by Transatlantic Reinsurance Company for 1 Liberty Plaza for 134, SF of space and Liberty Mutual for 55 Water Street for 12, SF of space. Leases to follow involved a lease signed by GFK Market Research for 1 World Financial Center for 75, SF and American Arbitration Associates for 12 Broadway for 53,514 SF. Three of the leases took place in the Financial District. Looking into the investment sales for Downtown, the largest transaction that took place was for Laight Street for 8, SF. This transaction totaled $56,, or $7 PSF. A Private Investor s purchase of Delancy Street was the second largest transaction in this submarket. The property totaled 22,875 SF valued at $21 million or $918 PSF. 18% 16% 14% Downtown Overall Vacanacy % Vacancy Net Absorption (in thousands SF) Total Avg Rate ($/SF/yr) Overall Vacanacy % Net Absorption (in thousands SF) Total Avg Rate ($/SF/yr) 35 3 $4. $39.5 Total Avg Rate ($/sf/yr) Net Absorption 1% 8% 6% $54. $52. $5. $48. $46. $44. $42. $4. Total Avg Rate ($/sf/yr) $39. $38.5 $38. $37.5 $37. Construction Significant Leasing Activity Tenant: Address: Size: Submarket: Adidas 435 Hudson Street 152,2 SF Hudson Square Google Chelsea Market 9, SF Chelsea SAE Institute 218 West 18th Street 27, SF Chelsea Michael Kors 52 Broadway 15, SF SoHo Rebecca Minkoff 16 West 22nd Street 13, SF Chelsea Significant Building Sales Address: Size: Price:* Price (PSF):* Buyer: Seller: 45 West 15th Street 325, $284,, $874 Jamestown Properties Stellar Management 55 Washington Street 1,281, $25,, $ Fortress Investment Group Eugene Grant 24 & 28 West 25th Street 25, $115,, $46 Private Investor Yeshiva University Significant Leasing Activity Tenant: Address: Size: Submarket: Harper Collins 195 Broadway 18, SF World Trade Center Transatlantic Reinsurance Company 1 Liberty Plaza 134, SF World Trade Center Liberty Mutual 55 Water Street 12, SF Financial District GFK Market Research 1 World Financial Center 75, SF Financial District American Arbitration Associates 12 Broadway 53,514 SF Financial District Significant Building Sales Address: Size: Price:* Price (PSF):* Buyer: Seller: Laight Street 8, $56,, $7 Mazda Realty Associates Private Investor Delancy Street 22,875 $21,, $918 Private Investor Private Investor Asking Rents

5 Over 35 Offices Summary Covering the World Methodology We have divided Manhattan into three markets: Midtown, Midtown South and Downtown. These markets have been separated into the following submarkets: Columbus Circle, Murray Hill, UN Plaza, Times Square, Grand Central, Greenwich Village, Hudson Square, Soho, Tribeca, Plaza, Penn Plaza, Chelsea, Gramercy Park, Financial/World Trade Center and Insurance/City Hall. Glossary Midtown 12.6% Vacancy Rate $6.1 SF/YR Avg. Rental Midtown South 8.5% Vacancy Rate $52.7 SF/YR Avg. Rental Average Asking Rental Rate Quoted asking rental rates, given on a per-square-foot per-year basis and provided as a weighted average by the amount of square footage available for direct vacancy space. Direct Vacancy Space currently available in the market for lease directly with the landlord or building owner. Market Size Includes all existing and under construction office buildings (office, office condo, office loft, office medical, all classes and all sizes, both multitenant and single-tenant, including owner-occupied buildings) within each market. Overall Market Vacancy Direct and sublease space available for lease in the market divided by the market size. Downtown 16.1% Vacancy Rate $39.85 SF/YR Avg. Rental Build on the power of our network. Net Absorption Net Absorption measures the total amount of square feet leased over a period of time minus the space that is vacated during the same period. Overall Vacancy All available lease space, either direct or sublease. SF/PSF Square foot/per square foot, used as a unit of measurement. Sublease Arrangement in which a tenant leases rental property to another, and the tenant becomes the landlord to the subtenant. Brokerage Services Corporate Services Acquisition/Disposition Leasing Agency/Landlord Representation Tenant/Buyer Representation Investment Services Auction/Accelerated Marketing Programs Sale-Leaseback Net Lease Transactions Market Reports & Opinions of Value Technology Services CLAS Project & Portfolio Administration & Analysis REALTrac Online Transaction Management Sublease Vacancy Space currently available in the market for sublease with an existing tenant within a building acting as the landlord. QTD Quarter to date. The latest information available. YTD Year to Date. The latest information available. 415 Madison Avenue New York NY 117 tel fax Asset Services Asset Management Property Management Corporate Facilities Management Build-to-Suit/Development Services Financial & Investment Services Asset Optimization Program Capital Markets Acquisition/Disposition Investment Services Mortgage Brokerage Structured Lease Finance 131 Exchange Services Trade Credits Advisory Services International Advisory Distribution Logistics Due Diligence Management Feasibility Analysis Lease & Utility Audits Lease Administration Location Benefits Analysis Move Management Property Valuation & Tax Consulting Relocation Studies Site Location Modeling Six Sigma Consulting Strategic Planning Specialty Practices NAI Global Life Science Group NAI Global Multifamily Group

6 nainyc.com

New York City Office Market Report, Second Quarter 2013

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