JLL's 2015 Digital Skyline review was released this month, featuring JLL's proprietary market insights regarding office supply, demand, rents, leverage and investment into 47 markets across the United States and Canada, with the ability to compare and contrast individual markets or multiples of markets. According to the 2015 Digital Skyline, trophy buildings throughout Manhattan post below-market vacancy rates despite significant rent premiums.
"New York continues to attract both capital and talent from around the world, and this trend shows no sign of tapering off," said Tristan Ashby, JLL's vice president and director of research in New York, in a statement. "And while in an active phase, construction of new office space in Manhattan is lengthy, expensive and ultimately limited by available sites." According to the findings, although some trophy-quality space will be returning to the market, new product in Manhattan's most in-demand locations remains limited, with some opportunities several years away. High-end space in Midtown, in particular, has become increasingly hard to find. The chasm in vacancy rates is considerable: trophy-quality buildings in Midtown posted a vacancy rate of 8.4 percent in the first quarter of 2015 while the overall vacancy rate for Midtown assets stood at 10.0 percent.
To view the new JLL Digital Skyline interactive site, click here. For more news and information visit Blumberg Partners.
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