2Q2015 Lee & Associates Manhattan Office Report

LEE NYCMANHATTAN TREND TRACKER2Q2015

THE OFFICE MARKET REPORT

MARKET SUMMARY

MANHATTAN TREND TRACKER 2ND QUARTER 2 LEE & ASSOCIATES NYC


HUDSONRIVER

EASTRIVER

PLAZAPLAZADISTRICTPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZA

DISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICT

MIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WEST

MIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EAST

GRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRAL

TIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARE

CITY HALLCITY HALLCITY HALL| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT

CITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALL| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT

WORLDWORLDWORLDTRADETRADECENTERCENTER

WORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDTRADETRADETRADETRADETRADETRADETRADETRADETRADETRADECENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTER

FINANCIALDISTRICTDISTRICTDISTRICT

FINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICT

ROCKEFELLERROCKEFELLERCENTERCENTER

ROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTER

PENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICT

CHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEA

MURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILL

GRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRON

SOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHO

HUDSON SQ.HUDSON SQ.| TRIBECA| TRIBECA| TRIBECA

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MANHATTAN TREND TRACKER 2ND QUARTER 3

SUBMARKETS

MIDTOWN

MIDTOWN SOUTH

DOWNTOWN

LEE & ASSOCIATES NYC

Midtown’s availability rate continued to remain steady into the mid-year, as the past four quarters have remained within a

swing of twenty basis points (11-11.2%); meanwhile its vacancy gradually decreased for the second consecutive quarter to 7.8%. Mid-year direct rents increased by $1.12 to $81.94.

Times Square overall asking rents have decreased $1.23, with a 30 basis point vacancy increase. Bank of America renewed their lease with the Durst Organization at 1133 Avenue of the Americas for 114,767 SF. Media relations fi rm, Howard Rubenstein Associates took over 68,000 SF at One Worldwide Plaza (825 Eighth Avenue). Additionally, Prometheus Global Media also signed at One Worldwide for 33,189 SF. TAMI fi rm Place IQ, leased over 45,000 SF at 5 Bryant Park. WeWork leased an entire 180,000 SF space at 1460 Broadway, its fi rst Times Square area location. The space was formerly leased by the law fi rm, Skadden Arps. This is a major boost for Swig Company, following a WeWork valuation at $10 billion.

Availability in Grand Central increased from 12.6% to 13.3%. An increase in supply, the market’s direct asking rents raised by $1.08 since Q1. The supply of subleases continued to decrease for the fi fth consecutive quarter (-48% since 2014Q1). Marketing communication giant, J. Walter Thompson renewed their lease for 288,793 SF at RXR Realty’s Park Avenue Atrium (237 Park Avenue). Curtis, Mallet-Prevost, Colt & Mosle LLP renewed for close to 92,000 SF at HJ Kalikow’s 101 Park Avenue. In ground-breaking news, RXR Realty & Invesco purchased the Helmsley Building (230 Park Avenue) for $1.2 billion.

Midtown East (also known as Plaza District East), decreased in both vacancy and availability, but also dragged overall pricing by $2.12 since last quarter. Availability decreased for the third consecutive quarter to 6%. The submarket’s leasing headline was done by Bloomberg’s grab of 340,428 SF at SL Green Realty’s 919 Third Avenue for 15 years. Additionally, Blackstone Group leased close to 60,000 SF at 601 Lexington Avenue. German

fi nancial giant, Bayern LB, renewed its lease with the Rudin family to retain its space at 560 Lexington Avenue for another 15 years. AlixPartners, decided to move from 40 West 57th Street to 909 Third Avenue, in another example of fi rms heading towards Third Avenue. AlixPartners will sublease a 65,000 SF space.

Midtown West (Columbus Circle) strengthened with a decrease in availability and price increases across the board (direct, sublease and overall). Direct asking rents surged by $1.85 and sublease asking rents by $1.14. Most notable transaction was spotlighted by TPG Global’s renewal at 888 Seventh Avenue (99,943 SF). Paramount Group signed on Olshan, Grundman, Grome, Rosenzweig & Wolosky LLP for 15 years, taking 49,688 SF at 1325 Avenue of the Americas. Olshan will be relocating from 65 East 55th Street. Meanwhile Watson, Farley & Williams LLP signed with Boston Properties at 250 West 55th Street for 30,417 SF.

The Plaza District continued to gradually decrease in its availability for the fi fth consecutive quarter. As the most expensive submarket escalated its pricing by over $4 in direct and overall asking rents. Sublease rents went up by almost $3. The submarket’s vacancy and availability also decreased since last quarter, further strengthening its reputation as Manhattan’s most exclusive submarket. The most notable signing was Minskoff Equities renewal of Aspen Insurance Holdings at the IBM Building for 77,835 SF for another 15 years. The blended taking rent averaged in the mid-$90s. The Crown Building (730 Fifth Avenue) was sold for $1.78 billion to a joint partnership spearheaded by GGP (General Growth Properties).

Rockefeller Plaza experienced an increase in availability and vacancy. Nevertheless, overall asking rents increased to over $6. Its biggest lease was brought in by the Paramount Group, signing another legal fi rm this quarter, Fulbright & Jaworski for close to 110,000 SF at the Credit Agricole Building (1301-1315 Avenue of the Americas).


MIDTOWN

MANHATTAN TREND TRACKER 2ND QUARTER 4 LEE & ASSOCIATES NYC

MIDTOWN


MIDTOWN LEE NYCMANHATTAN TREND TRACKER2Q2015


(500,000)(1,000,000)(1,500,000)(2,000,000)(2,500,000)

MIDTOWN SOUTH


Midtown South continues to have the lowest vacancy and availability out of the three large markets, but with slight

increases this quarter since Q1. Despite its reputation as the hottest market, Midtown South saw vacancy increase by 10 basis points to 6% and availability edged north from 8.4% to 8.9%. Part of the increase was the leasing activity surrounding the Hudson Yards and Penn Station-Garment areas. With Hudson Yards continuing to drive interest in the western edge of Midtown South, prices there will gradually increase.

Penn Station-Garment experienced a positive net absorption of 254,104, compared to last quarter (-136,264), with the delivery of 7 Bryant Park, availability (9.6%) and vacancy (6.5%) increased since Q1. Direct asking rents have elevated to $66.02 from $57.88. WeWork continued to gain traction in growth with its lease of 140,000 SF at SL Green Realty’s 315 West 36th Street for 15 years. A notable sublease was with the Republic Clothing Group at 1411 Broadway for over 50,000, SF and Houghton Miffl in taking 31,820 SF at 31 Penn Plaza. Shorenstein Properties took control of 1407 Broadway when Lightstone Group sold its leasehold (and sub-leasehold) interests for $330 million. The DKNY building at 240 West 40th Street also sold for $85 million to Olmstead Properties and JP Morgan Chase. Westbrook Partners purchased 1375 Broadway from Savanna for $310 million.

Chelsea’s availability rate decreased for the fourth consecutive quarter to 5.8% and its vacancy remains the lowest out of all the submarkets at 3.4%. Overall asking rents in Chelsea decreased by $0.73 since Q1. Kaufman Org. took the most notable deal when it signed Anheuser-Busch at 119-125 West 24th Street for 83,686 SF, in addition to signing Law360 at 112-118 West 20th Street for 46,000 SF. Polo Ralph Lauren also leased 62,197 SF at the Starrett-Lehigh Building (601 West 26th Street). Fitness servicer ClassPass (consulted and represented by Lee & Associates) took close to 30,000 SF at 275 Seventh Avenue.

Gramercy & Flatiron took the lead this quarter in the Midtown South market with the highest direct asking rents at $75.13.

Although it had an availability rate of 8.8% (an increase from 8.5% Q1), the submarket’s leasing activity continued to decrease for the fourth consecutive quarter. Popular TAMI-related music service Soundcloud leased 43,000 SF at 50 West 23rd Street. In addition, TAMI-giant Adobe Systems took over 30,000 SF at 100-104 Fifth Avenue. SL Green Realty entered a defi nitive sales agreement to purchase 11 Madison Avenue in another billion-dollar purchase of a Manhattan property ($2.3 billion).

The largest sign of volatility was witnessed in Hudson Square and Tribeca. Availability increased by 1.4 percentage points, ending the decrease for three consecutive quarters (prior to Q2) in available supply. Asking rents have decreased to the low-$70s after commanding skyrocketing Midtown South rents last quarter in the mid-to-high-$70s. Leasing activity decreased by 47% since last quarter. Rent the Runway subleased close to 40,000 SF at 345 Hudson Street. After splitting from eBay, digital payments servicer PayPal leased 95,000 SF for 12 years at Brickman Associates’ 95 Morton Street.

Murray Hill’s overall price dropped $1.62 per square foot. Its availability rate largely increased to 7.6% from 6.6%. Activity in the submarket slowed down this quarter, as evidenced by its only biggest lease taking being Bard, Rao + Athanas Consulting Engineers renewing at the Kaye Building (105 Madison Avenue) for just over 16,000 SF. Additionally, data servicer Dataminr relocated to 6 East 32nd Street for 30,720 SF, relocating from 99 Madison Avenue.

The SoHo and NoHo submarket remained stable and its vacancy decreased for the sixth consecutive quarter, currently at 4.4%. Although its availability rate increased by 40 basis points to 7.7%, its asking rents remain stable since Q1. Overall asking rents inched down by $0.26. Event ticket servicer SeatGeek leased 27,269 SF at 400 Lafayette Street. Creative arts company Phaidon Global took over 18,000 SF at the Bayard-Condict Building (65 Bleecker Street). Fashion wholesaler Balenciaga Americas also took over 18,000 SF at the same building.



MIDTOWN SOUTH




6.0% 8.9%

6.2%

9.7%

0.0% 2.0% 4.0% 6.0% 8.0%

10.0% 12.0% 14.0%

3Q 2

005

4Q 2

005

1Q 2

006

2Q 2

006

3Q 2

006

4Q 2

006

1Q 2

007

2Q 2

007

3Q 2

007

4Q 2

007

1Q 2

008

2Q 2

008

3Q 2

008

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

4Q 2

013

1Q 2

014

2Q 2

014

3Q 2

014

4Q 2

014

1Q 2

015

2Q 2

015

Midtown South Vacancy and Availability

Vacancy Availability 10Y Vacancy Avg. 10Y Availability Avg.

3,040,482

- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000

3Q 2005

1Q 2006

3Q 2006

1Q 2007

3Q 2007

1Q 2008

3Q 2008

1Q 2009

3Q 2009

1Q 2010

3Q 2010

1Q 2011

3Q 2011

1Q 2012

3Q 2012

1Q 2013

3Q 2013

1Q 2014

3Q 2014

1Q 2015

Midtown South Leasing Activity

SF Leased 10Y Avg.

(1,200,000) (1,000,000)

(800,000) (600,000) (400,000) (200,000)

0 200,000 400,000 600,000 800,000

1,000,000

3Q 2005

1Q 2006

3Q 2006

1Q 2007

3Q 2007

1Q 2008

3Q 2008

1Q 2009

3Q 2009

1Q 2010

3Q 2010

1Q 2011

3Q 2011

1Q 2012

3Q 2012

1Q 2013

3Q 2013

1Q 2014

3Q 2014

1Q 2015

Midtown South Net Absorption

0

DOWNTOWN


The Downtown market fi nally saw improvement as its vacancy decreased by 7.4% (12.2% to 11.3%). Since Q1, its availability

rate slightly decreased to 12.8% from 13.1%. Downtown also had a positive net absorption of over 1 million. Last quarter it had a negative absorption almost close to a million. For now, an alleviation is expected. However, years from now, with the expected delivery of 3 and 2 World Trade Centers, rates would elevate drastically. With the recent announcement of 21st Century Fox and News Corp. looking to move Downtown and anchor 2 World Trade Center (delivery currently unknown), Downtown - and primarily the World Trade Center and World Financial Center - will continue to attract high-profi le tenants to take space at their luxurious and large empty spaces. Direct asking rents for Downtown inched upwards by $0.47.

The City Hall and Insurance District submarket has strengthened since Q1 with a 40 basis point decrease in vacancy and 10 basis point decrease in availability. Its direct asking rent increased by almost $1. Leasing activity remained low, below 75,000 SF. Its most notable deal was with the police department. The NYPD leased 18,000 SF at the Intergate Manhattan building at 375 Pearl Street.

The Financial District improved its vacancy rate by 100 basis points, down to 11.9%. Its availability decreased by 50 basis points to 14.1%. Compared to last quarter’s negative net absorption of over one million, it had a positive net absorption of 468,084. The number of deals in offi ce buildings that have a rentable building area of 100,000 or more decreased by over 20 deals. The asking rents across the board remained stable since Q1,

with direct asking rents increasing only $0.45; sublease asking rents increasing only $0.12; and overall asking rents increasing just $0.46. Morgan Stanley Smith Barney leased space at One New York Plaza for close to 70,000 SF, while offi ce sharing and space provider CoWork.rs (co-working and offi ce sharing startup) leased 40,000 SF at Piedmont Offi ce Realty Trust’s 60 Broad Street. This lease was a strategic placement in absorbing some of WeWork’s prospective tenants located at nearby 85 Broad Street. Holborn Companies (reinsurance broker) took close to 25,000 SF at Clarion Partners and Murray Hill Properties’ Continental Center at 180 Maiden Lane. This was the fi rst deal by Clarion and MH Properties since acquiring the Continental Center early this year for $470 million.

The World Trade Center (simultaneously with World Financial Center submarket) had a vacancy improvement of 7.5% since Q1. Rates specifi cally dropped by 130 basis points to 16.1%. It’s sublease vacancy continued to drop for the sixth consecutive quarter to 0.5%. Overall, vacancy dropped for the sixth consecutive quarter. This drop in vacancy will change when 3 World Trade Center will be delivered years from now. Direct asking rents are the highest in the Downtown market, hitting the $70 mark. If this continues, it won’t be long before overall asking rents reach that fi gure, as current asking is $68.79. The Port Authority of NY and NJ renewed its space at Trinity Centre’s 115 Broadway for 62,264 SF. With the recent move Downtown by Conde Nast and the announcement of News Corp and 21st Century Fox, the submarket will continue to attract top creditworthy tenants, and will continue to redefi ne the parameters of the World Trade Center/ World Financial Center submarket.



11.3%

12.8%

9.2%

12.3%

0.0% 2.0% 4.0% 6.0% 8.0%

10.0% 12.0% 14.0% 16.0% 18.0%

3Q 2

005

4Q 2

005

1Q 2

006

2Q 2

006

3Q 2

006

4Q 2

006

1Q 2

007

2Q 2

007

3Q 2

007

4Q 2

007

1Q 2

008

2Q 2

008

3Q 2

008

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

4Q 2

013

1Q 2

014

2Q 2

014

3Q 2

014

4Q 2

014

1Q 2

015

2Q 2

015

Downtown Vacancy and Availability

Vacancy Availability 10Y Vacancy Avg. 10Y Availability Avg.

DOWNTOWN




1,508,413

- 500,000

1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000

3Q 2005

1Q 2006

3Q 2006

1Q 2007

3Q 2007

1Q 2008

3Q 2008

1Q 2009

3Q 2009

1Q 2010

3Q 2010

1Q 2011

3Q 2011

1Q 2012

3Q 2012

1Q 2013

3Q 2013

1Q 2014

3Q 2014

1Q 2015

Downtown Leasing Activity

SF Leased 10Y Avg.

(3,000,000)

(2,000,000)

(1,000,000)

0

1,000,000

2,000,000

3,000,000

4,000,000

3Q 2005

1Q 2006

3Q 2006

1Q 2007

3Q 2007

1Q 2008

3Q 2008

1Q 2009

3Q 2009

1Q 2010

3Q 2010

1Q 2011

3Q 2011

1Q 2012

3Q 2012

1Q 2013

3Q 2013

1Q 2014

3Q 2014

1Q 2015

Downtown Net Absorption

0

CONSTRUCTION ACTIVITY




NOTABLE INVESTMENT SALES




Lee & Associates NYC600 Madison Avenue, Third Floor

New York, NY 10022 | 212.776.1200www.leeassociatesnyc.com

James WachtPresident

[email protected]

Peter BrausManaging Principal

[email protected]

Henry AbramovResearch Manager

[email protected]

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2Q2015 Lee & Associates Manhattan Office Report

Documents

Transcript of 2Q2015 Lee & Associates Manhattan Office Report