1 / 17

Manhattan Office Market Overview

Manhattan Office Market Overview. Cushman & Wakefield Research Third Quarter 2001. M anhattan Office Market. Sublease available square feet (in millions). Source: Cushman & Wakefield Research. T hird Quarter Leasing Activity. Direct vs. Sublease. Square Feet.

libby-goff
Download Presentation

Manhattan Office Market Overview

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Manhattan Office Market Overview Cushman & Wakefield Research Third Quarter 2001

  2. Manhattan Office Market Sublease available square feet (in millions) Source: Cushman & Wakefield Research

  3. Third Quarter LeasingActivity Direct vs. Sublease SquareFeet Source: Cushman & Wakefield Research

  4. The Impact of September 11th Cushman & Wakefield Research

  5. Available Space As of 09/01/01 Overall Available (Sq. Ft.) Overall Vacancy Rate Number of Built Buildings Inventory (Rentable Sq. Ft.) 225,022,113 107.908,924 62,514,739 395,346,776 Midtown Downtown Midtown South Manhattan 799 237 416 1,452 15,879,861 6,369,865 5,479,422 27,729,148 7.1% 5.9% 8.8% 7.0% Source: Cushman & Wakefield Research

  6. Impact on Inventory - 9/11/01 Damaged Building SF One World Financial Center 1.4 Three World Financial Center 2.3 Two World Financial Center 2.2 130 Liberty 1.4 90 West Street .33 Destroyed Building SF World Trade Center One 4.4 World Trade Center Two 4.4 World Trade Center Four .51 World Trade Center Five .63 World Trade Center Six .54 World Trade Center Seven 1.9 Source: Cushman & Wakefield Research

  7. Additions/Deletions to the Market Source: CoStar Group; Cushman & Wakefield Research

  8. Space Added 9/12 - 10/12 Source: Cushman & Wakefield Research

  9. Available Space As of 09/30/01 Overall Available (Sq. Ft.) Overall Vacancy Rate Number of Built Buildings Inventory (Rentable Sq. Ft.) 226,847,764 96,184,539 62,514,739 385,547,042 Midtown Downtown Midtown South Manhattan 800 231 416 1,447 17,853,216 6,146,772 5,452,359 29,452,279 7.9% 6.4% 8.7% 7.6% Source: Cushman & Wakefield Research

  10. Space Availabilities through the NYC Region Source: Cushman & Wakefield Research

  11. Potential Relocation Preferences Completed and Pending Transactions Source: Cushman & Wakefield Research

  12. Available Space Based on Current Activity Overall Available (Sq. Ft.) Overall Vacancy Rate Number of Built Buildings Inventory (Rentable Sq. Ft.) 226,847,764 96,184,539 62,514,739 385,547,042 Midtown Downtown Midtown South Manhattan 800 231 416 1,447 13,494,839 4,837,722 4,663,231 22,995,792 5.9% 5.0% 7.5% 6.0% Source: Cushman & Wakefield Research

  13. Impact on Tourism Estimated Visitor Spending Loss: $237.2 million (9/11-9/29) • Hotels Estimated Losses: $6-10 million/daily (as of 9/21) Occupancy Rates averaging 50% compared to 89.5% in September 2000 4,000 job losses • Restaurants Losing $20 million daily (as of 9/21) • Broadway 80% decline in ticket sales week of 9/11, representing a $3 - 5 million loss Four shows closed; several others in jeopardy Ticket sales have now stabilized Sources: PFK Hospitality Consulting, New York Restaurant Association, League of American Theaters & Producers, NYC & Company

  14. Impact on the Economy Short-term (Immediate days following and up to 1 year) • 370,000 jobs affected south of Canal St, mainly FIRE and retail trade • 50,000 employees displaced in the WTC, WFC and immediate vicinity • Direct loss in Gross City Product (GCP) estimated at $8 billion through the end of September Long-term and Permanent effects • 17,000 jobs permanently lost due to relocation or elimination, mostly in FIRE sector, securities subsector • 23,000 job losses in tourism-related industries in 2001 and 2002. • Indirect job losses, mainly in service and trade, could amount to 40,000 • Total output (real GCP) lost could be as high as $30-40 billion in 2002 and 2003 • Including a U.S. recession and local multiplier effects, total private sector job losses could amount to 115,000 in 2002 • Wage income loss: $12 Billion in 2002 • Significant tax revenue loss Source; New York City Office of Management and Budget

  15. Private Sector Employment Forecast Thousands of Jobs Source: NYC Office of Management of Budget

  16. FIRE Sector Employment Forecast Thousands of Jobs Source: NYC Office of Management of Budget

  17. Services Sector Employment Forecast Thousands of Jobs Source: NYC Office of Management of Budget

More Related