Visitors return to Lower Manhattan, It’s boosting local hotels and retailers — but even more than two years after the pandemic, office vacancies remain high and asking rents are low in one of the city’s major business districts. going down one by one.
Office rental activity in the area remains 45% below its five-year quarterly average in the second quarter of 2022, down 31% from the first quarter, according to a new report from the Alliance for Downtown New York.
20% or more of office space Citing data from Cushman & Wakefield, the second quarter saw record overall vacancy rates across all three Manhattan office markets, including Lower Manhattan, Midtown and Midtown South. 20% threshold. Lower Manhattan’s average asking rent was $56.80 per square foot, down 5.5% year over year.
“Office leasing activity has been slower than expected this quarter and whether it was a temporary setback or reflects a new baseline in the evolving situation,” Alliance President Jessica Lappin said in a statement. “However, we have seen continued demand in the residential sector and a response from the real estate community to begin conversions on at least five properties in the district to meet that demand.” I did.”
The report cited properties slated for The 30-story property at 55 Broad Street will be a 571-unit residential building at market value. And 40 Fulton Street, an office property for sale by Vornado, “is speculated to be converted to residential use due to its small floor plate and good access to light.” housing conversion,” the report said.
Office occupancy has risen across the city this year, but it’s clear that remote work will continue in some form. Many businesses make decisions about their office needs with that reality in mind.
The report notes that hotel occupancy has “improved significantly” over last year, with Lower Manhattan’s occupancy rate at 77% in the second quarter. That puts him just 11% below the same period in 2019. Retail store openings further exceeded 2019 levels.
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Number of days: 8.5%, New York City rents surged in the first half of the year.
explanation: Updated article on Public Authority Control Board vote on Penn Station to clarify that the board approved the state’s controversial funding plan for the project, and that the state will apply for federal funding to move forward with the initiative. We made it possible. But there are still many steps left at the local and federal levels before anything is built.
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Cellular Service Coming to Subway Tunnels in 10 Years — The New York Times’ Ana Ley: “New York City’s subway tunnels will be wired to connect riders traveling underground in a handful of places in the sprawling metropolis where cell phone service doesn’t reach,” according to the Metropolitan Transit Authority. Officials who run the subway system said it would take 10 years to complete the task because of the scale of the project. distance) of underground railroad tracks.
$600 million project paid for and built Transit Wireless, a New York-based telecommunications infrastructure company, already provides access to cellular and Wi-Fi services at all 281 subway stations in the city. ”
Evictions on the Rise — David Brand of City Limits: “The number of legal evictions in New York City increased monthly in the first half of 2022 as rents skyrocketed and pandemic tenant protections began to decline, city data shows. According to statistics it maintains, city sheriffs have carried out at least 1,527 residential evictions so far this year.The DOI only updates its database after a marshal reports an eviction, so lawful evictions are not. The actual number may be higher and this may take days or weeks.
The state ban on most evictions ended Jan. 15. But as long as tenants responded to notices and visited housing courts, the expiry didn’t cause a sudden surge in legal removals, as various requirements prolong the process. ”
City Launches 24/7 High Speed Camera — Eric Bascom of Staten Island Advance: “Starting Monday, more than 2,000 speed cameras installed throughout New York City will begin ticketing drivers 24 hours a day, 7 days a week, 365 days a year. City School Zone Speed Camera Program has come a long way since it was first enacted in 2013 and implemented in 2014. At that time, only 20 mobile camera units were strictly ticketed during school hours on weekdays. .”
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City Can’t Save Beloved Bed-Stuy Mansion — Anna Bradley Smith of Brownstoner: “Efforts to save Jacob Dangler’s home in Bed-Stuy have run out of time. The New York City Department of Buildings issued a permit for the complete demolition of the building on Tuesday. A neighbor posted on Instagram Wednesday. A video shows the demolition of the 1890s building beginning just over a week ago when the landmark stepped in and potentially saved the French Gothic Revival house at 441 Willoughby Avenue at the last minute. The LPC held a hearing to consider the building’s landmark on Tuesday, July 12. At the hearing, attendees overwhelmingly supported the mansion’s landmark. Did.
Tumi Shrinks Office Space — Commercial Observer’s Celia Young: “Tumi will be checking out luxury luggage at Nomad’s slightly smaller bargain early next year. We signed a 10-year deal to move to 20,000 sq. ft. The rent at the 34th Street location was $60 per sq. ft., according to landlord broker Newmark.”
Industry Movement — Raju Mann, Former Director of Land Use On the New York City Council, he joined Arup, a global design and engineering firm, as Associate Principal and Urban Planning Leader for the firm’s New York office.
— New York and Singapore The rate of rent increase in the first half of 2022 is the highest in the world.
— Mayor Eric Adams Joined the “drowsy” advocate for those experiencing homelessness and raised awareness of the growing crisis.
— some cities provides cash to keep employees from driving to work and encourages them to use public transportation.
— Garbage enclosure The things installed in Times Square to hide garbage bags are an eyesore.
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