2022 Q1 North America Market Report

INDUSTRIAL OVERVIEW: RENTS PUSHED ON STRONG DEMAND Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits.  First quarter net absorption in the U.S. totaled 92.8 million SF, which was up 25% year over year but down 35% from the 143-million-SF […]

The New York City Industrial Market Proves Not All Warehouses Are Created Equal

Industrial has been considered real estate’s hottest asset class of the last two years as retailers of all types rushed to lease buildings to meet shoppers’ insatiable online demands. But not all buildings are seeing rents and values rise, and some recent investors may be in for some disappointments. Bisnow/Miriam Hall Warehouses have become the darling […]

UN Women Renews for 85K SF at Daily News Building

A United Nations organization that serves women in developing countries is staying put in a large office at 220 East 42nd Street, otherwise known as the Daily News Building, according to landlord SL Green Realty Corp. UN Women, which advocates for the rights of women and LGBTQ people across the world, signed a 10-year renewal lease for 85,522 square feet […]

Smokin’ Hot Midtown Office Tower Defies Pessimists

Believers in Midtown Park Avenue’s commercial viability should take even more comfort in the energy at 320 Park Ave. between East 50th and 51st streets. In December, longtime owner Mutual of America Financial Group – which reclad the 766,000-square-foot tower from top to bottom in 1996 – brought in Munich Re as a 25 percent joint-venture partner. The Mutual […]

Commercial Buildings Retained Almost all of Pre-Pandemic Value, NYC Budget Says

The pandemic unleashed unprecedented threats to New York City’s commercial properties, but the latest estimate from the city suggests the buildings have weathered the storm. Mayor Eric Adams’ preliminary budget includes an estimate of nearly $301 billion for the city’s commercial properties for the 2022-23 fiscal year, Crain’s reported. While that’s below the estimated $326 […]

Lee & Associates 2021 Q4 North America Market Report

INDUSTRIAL OVERVIEW: DEMAND FOR LOGISTICS SPACE SOARS Fueled by an unprecedented boom in household spending during the pandemic, demand for warehouse-and-distribution space soared 147% in 2021, driving down the vacancy rate to a record 4.3%.  Net absorption totaled 503.4 million SF in 2021 compared to 203.7 million SF for 2020. Fourth quarter 2021 demand totaled 136.9 […]

Triton Construction Relocating NYC HQ to 12K SF at 550 Seventh Avenue

Triton will not only be relocating, but expanding its office footprint with this recent deal brokered on behalf of the tenant by Lee & Associates NYC’s Dennis Someck and Justin Myers. Michael Heaner and Sam Stein of Kaufman Leasing handled it for the landlord. “The larger space, coupled with the fantastic natural light, and convenience to major subway lines and major transportation hubs in Port […]

Software Company Claims 42K sf at L&L’s 195 Broadway

One software firm has found a more permanent home with an L&L Holding Company property in the Financial District. Code Climate is taking approximately 42,000 square feet at 195 Broadway, the Commercial Observer reported. The company’s lease for the building’s 20th floor is for 10 years and the asking rent was $55 per square foot. […]