2015 Colliers Press Briefing v4interactive · capital markets leasing activity availability net absorption pricing 1q 2015 press briefing. 1q 2015 press briefing 2 manhattan economic

1Q 2015 PRESS BRIEFING 1

ECONOMICOUTLOOKECONOMICOUTLOOK

CAPITALMARKETSCAPITALMARKETS

LEASING ACTIVITY AVAILABILITY NET ABSORPTION PRICING

1Q 2015 PRESS BRIEFING


MA

NH

ATTA

N


LEASING ACTIVITY AVAILABILITY NET ABSORPTION PRICING HOME

MANHATTANMANHATTAN MIDTOWNMIDTOWN MIDTOWN SOUTHMIDTOWN SOUTH DOWNTOWNDOWNTOWN CAPITALMARKETSCAPITALMARKETS

Overall Leasing Activity

Leasing Activity by Size

Leasing Activity by Industry

Leasing Activity by Submarket

Top Five Transactions

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Squa

re F

eet

Midtown Midtown South Downtown 5 Year Average

6th consecutive quarter of surpassing average leasing velocity“ ”

*Excludes deals under 5,000 SF.


MA

NH

ATTA

N




63%18%

10%

5% 4%

5,000 - 14,999 SF 15,000 - 24,999 SF 25,000 - 49,999 SF 50,000 - 99,999 SF 100,000 SF+

63% of total deals were less than 15,000 SF, while 37% of transactional activity was 100,000+ SF leases“ ”

21%

14%

14%13%

37%

By Number of Deals

By Share of Activity








MA

NH

ATTA

N




38%

20%

15%

9%

8%

8%2%

FIRE TAMI Professional Services Other Public Sector Consumer Goods/Retail Health Services

FIRE (Financial Services, Insurance and Real Estate) industry was responsible for largest single share of leasing activity“ ”

40%

22%

17%

4%

11%4%3%

By Number of Tenants

By Square Footage








MA

NH

ATTA

N




0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Leas

ing

Act

ivity

(SF)

Midtown Midtown South Downtown








MA

NH

ATTA

N




Top transaction in Manhattan was in the FIRE industry“ ”Company Address Submarket Size Transaction Type Industry

MetLife 200 Park Avenue Grand Central 539,299 Renewal / Expansion Insurance

Publicis Groupe 1675 Broadway Columbus Circle 520,918 Renewal / Expansion Advertising

Kirkland & Ellis LLP 601 Lexington Avenue Plaza District 403,000 Renewal /

Expansion Legal

City of New York 5 Manhattan West Penn Plaza/Garment 267,669 Renewal /

Expansion Government

WeWork 85 Broad Street Financial District 234,879 New Lease Real Estate

COMPANY ADDRESS SUBMARKET SIZE TRANSACTION TYPE INDUSTRY








MA

NH

ATTA

N

HOME




Overall Availability

Availability by Submarket

Available Blocks of Space

Additions to Supply

New Construction/Renovation

FutureVacancies

Largest increase in a single quarter since 2009“ ”

0%

2%

4%

6%

8%

10%

12%

14%

Ove

rall

Avai

labi

lity

Rat

e


MA

NH

ATTA

N

HOME




World Trade Center had highest availability rate with availabilities at Brookfield Place and World Trade Center“ ”

0.9%4.1%

5.0%5.7%

6.0%6.6%6.8%

7.1%8.2%

10.0%11.7%11.9%12.0%

13.2%13.9%

14.6%19.1%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

UN PlazaGreenwich Village

TribecaInsurance District

Murray HillChelsea

SohoGramercy Park

Penn Plaza/GarmentPlaza District

Grand CentralColumbus Circle

Times SquareCity Hall

Hudson SquareFinancial District

World Trade Center

Availability Rate




Additions to Supply


FutureVacancies


MA

NH

ATTA

N

HOME




8.86

10.03

6.95

7.74

18.36

0 5 10 15 20

> 250,000

100,000-250,000

50,000-100,000

25,000-50,000

< 25,000

Total Availability (MSF)

Blo

ck S

ize

Ran

ge (S

F)

2,895 Blocks

226 Blocks

102Blocks

68 Blocks

19 Blocks




Additions to Supply


FutureVacancies


MA

NH

ATTA

N

HOME




Largest source of new construction will be in the Hudson Yards/Manhattan West“ ”

2

4

6

8

10

12

14

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

TBD

Squa

re F

eet (

Mill

ions

)

Midtown Midtown South Downtown




Additions to Supply


FutureVacancies


MA

NH

ATTA

N

HOME




Address Size (SF) Current Tenant Submarket Projected Possession

12 East 49th Street 238,000 Saks & Co. Plaza District 2016600 Fifth Avenue 124,000 Fiduciary Trust Plaza District 20161350 Avenue of the Americas 105,000 Amazon Plaza District 2016605 Third Avenue 400,000 Neuberger Berman Grand Central 20171460 Broadway 215,000 Skadden Penn Plaza / Garment Center 2017575 Fifth Avenue 300,000 L'Oreal Plaza District 201775 East 55th Street 250,000 Paul Hastings, LLP Plaza District 20171155 Avenue of the Americas 280,000 White & Case Times Square 20171251 Avenue of the Americas 280,000 MUFG Union Bank Times Square 2017825 Seventh Avenue 173,000 GroupM / MEC Columbus Circle 2018498 Seventh Avenue 240,000 Group M Penn Plaza / Garment Center 20181100 Avenue of the Americas 315,000 HBO Times Square 20181114 Avenue of the Americas 315,000 HBO Times Square 20181271 Avenue of the Americas 1,135,000 Time, Inc. Columbus Circle 201960 Columbus Circle 1,000,000 Time Warner Columbus Circle 20191095 Avenue of the Americas 355,000 MetLife Times Square TBD

315 Hudson Street 350,000 FEGS Health & Human Services Hudson Square TBD

154 West 14th Street 161,000 Multiple Tenants Chelsea TBD27 West 23rd Street 100,000 Touro College Chelsea TBD

6,336,000




Additions to Supply


FutureVacancies


MA

NH

ATTA

N




Net Absorption1st quarter of negative absorption since 2Q 2013“ ”

-1.4

2M

-3,000,000

-2,000,000

-1,000,000

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

Squ

are

Feet


MA

NH

ATTA

N

HOME




$76.15

$62.02

$55.00

$30

$40

$50

$60

$70

$80

$90

Aver

age

Ask

ing

Ren

t ($/

SF)

Midtown Midtown South Downtown Overall Average Asking Rent by

Market

Taking Rents

Asking Rent by Submarket

Asking Rent vs. Availability

Concessions


MA

NH

ATTA

N

HOME




$44.59$50.29

$51.74$54.86$54.89

$56.28$61.92$62.34

$65.10$65.40

$68.44$69.09

$70.83$73.83$74.46$75.11

$92.57

$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100

Insurance DistrictFinancial District

City HallMurray Hill

Penn Plaza/GarmentUN Plaza

TribecaWorld Trade Center

ChelseaColumbus Circle

Grand CentralSoho

Hudson SquareGramercy Park

Greenwich VillageTimes SquarePlaza District

Average Asking Rent ($/SF)

Plaza District retained highest average asking rent due to trophy assets“ ” Overall Average Asking Rent by

Market

Taking Rents



Concessions


MA

NH

ATTA

N

HOME




10.7

%

$67.62

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

0%

2%

4%

6%

8%

10%

12%

14%

Aver

age

Ask

ing

Ren

t (P

SF)

Avai

labi

lity

Rat

e (%

)

Overall Availability Rate Overall Average Asking Rent

8th consecutive quarter of average asking rent increase“ ” Overall Average Asking Rent by

Market

Taking Rents



Concessions


MA

NH

ATTA

N

HOME





46

88 91 100126

50

14

42 3039

33

230

7 2

8

16

3

0

20

40

60

80

100

120

140

160

180

200

2010 2011 2012 2013 2014 1Q15

Num

ber o

f Dea

ls

$75.00 - $99.99 $100.00 - $149.99 $150.00 +

3

0

$150.00 +

MT MTS DT

Manhattan’s Most Expensive Leases“ ”

17

6$100.00 to $149.99

39

11

$75.00 to$99.99

Overall Average Asking Rent by

Market

Taking Rents



Concessions


MA

NH

ATTA

N

HOME




$58.51

$54.31

$46.35

$33.88

7.8

9.5

7.5

5.2

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00

1Q15

2014

2013

2012

Tenant Allowance Free Rent (Months)

Decrease in free rent period during 1Q 2015 as numerous renewals took place“ ” Overall Average Asking Rent by

Market

Taking Rents



Concessions


MID

TOW

N


ECONOMICOUTLOOKECONOMICOUTLOOK MANHATTANMANHATTAN MIDTOWNMIDTOWN MIDTOWN SOUTHMIDTOWN SOUTH DOWNTOWNDOWNTOWN CAPITAL

MARKETSCAPITALMARKETS





Strong leasing activity caused by large transactions: MetLife, Publicis Groupe, Kirkland & Ellis, Fortress Investment Group and Reed Smith“ ”

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Squa

re F

eet

Midtown Leasing Activity 5 Year Average


Grand Central Plaza District



MID

TOW

N




61% of transactions were less than 15,000 SF, while 45% of weighted share of activity was 100,000+ SF leases“ ”

61%16%

12%

6%5%

5,000 - 14,999 SF 15,000 - 24,999 SF 25,000 - 49,999 SF 50,000 - 99,999 SF 100,000 SF+

17%

10%

14%

14%

45%By Number of Deals










MID

TOW

N




38%

20%

26%

16%

18%

9%

13%4%

FIRE TAMI TAMI Professional Services Other Public Sector Consumer Goods/Retail Health Services

40%

22%

17%

4%

11%4%3%


By Square Footage

Most prominent single share of leasing activity was from FIRE industry“ ”









MID

TOW

N




Grand Central had a 40.6% increase from 4Q 2014 activity due to MetLife renewal/expansion at 200 Park Avenue during 1Q 2015“ ”

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Squa

re F

eet

Grand Central Leasing Activity 5 Year Average









MID

TOW

N




Plaza District had a strong 1Q 2015 leasing activity from Kirkland & Ellis and Reed Smith transactions ”“

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Squa

re F

eet

Plaza District Leasing Activity 5 Year Average









MID

TOW

N




No leasing activity in UN Plaza“ ”

1,263,148

1,065,918

1,592,991

633,027

1,026,399

1,421,837

2,140,648

322,797

- 500,000 1,000,000 1,500,000 2,000,000 2,500,000

Columbus Circle

Grand Central

Plaza District

Times Square

Square Feet

YTD 2015 YTD 2014









MID

TOW

N




Top transaction in Manhattan was in the FIRE industry“ ”Company Address Submarket Size Transaction Type Industry

MetLife 200 Park Avenue Grand Central 539,299 Renewal / Expansion Insurance

Publicis Groupe 1675 Broadway Columbus Circle 520,918 Renewal / Expansion Advertising

Kirkland & Ellis LLP 601 Lexington Avenue Plaza District 403,000 Renewal /

Expansion Legal

Fortress Investment Group

1345 Avenue of the Americas Columbus Circle 198,619 Renewal Financial Services

Reed Smith LLP 599 LexingtonAvenue Plaza District 181,209 Renewal Legal










MID

TOW

N

HOMELEASING ACTIVITY AVAILABILITY NET ABSORPTION PRICING






New availabilities at 75 Rockefeller Plaza, 12 East 49th Street, 1411 Broadway and 1601 Broadway“ ”

0%

2%

4%

6%

8%

10%

12%

14%

16%

Ove

rall

Avai

labi

lity

Rat

e


MID

TOW

N




Grand Central availability rate decreased 3.7pp (percentage points) during previous 12 months while Columbus Circle availability rate increased by 2.4pp“ ”

11.9

%

11.7

%

10.0

%

0.9%

12.0

%

11.5

% 12.5

%

10.1

%

0.8%

10.0

%

9.5%

15.4

%

11.1

%

0.9%

11.3

%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Columbus Circle Grand Central Plaza District U.N. Plaza Times Square

Avai

labi

lity

Rat

e (%

)

1Q15 4Q14 1Q14





MID

TOW

N




3.00

5.69

3.47

4.23

9.39

0 1 2 3 4 5 6 7 8 9 10

> 250,000

100,000-250,000

50,000-100,000

25,000-50,000

< 25,000


Blo

ck S

ize

Ran

ge (S

F)

1133 Avenue of the Americas1633 Broadway

285 Madison Avenue4 Times Square

55 West 46th Street75 Rockefeller Plaza

7 Bryant Park

1,396 Blocks

123 Blocks

51 Blocks

36 Blocks

7 Blocks

BLOCKS >250,000 (SF)





MID

TOW

N




(425

,710

)

-2,000,000

-1,500,000

-1,000,000

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Squ

are

Feet

Negative absorption caused by availabilities at 75 Rockefeller Plaza, 12 East 49th Street, 1411 Broadway and 1601 Broadway“ ” Net Absorption


MID

TOW

N






$65.

40

$68.

44

$92.

57

$56.

28

$75.

11

$65.

23

$67.

51

$88.

82

$56.

90

$74.

71

$69.

57

$64.

29

$85.

01

$64.

36

$75.

95

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Columbus Circle Grand Central Plaza District U.N. Plaza Times Square

Ask

ing

Ren

t ($/

SF)

1Q15 4Q14 1Q14

8.9% average asking rent increase during previous 12 months in Plaza District while U.N. Plaza decreased by 12.6%“ ”


MID

TOW

N






30.4% increase in average asking rent since recession low in 2Q 2010“ ”

11.1

%

$76.15

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

0%

2%

4%

6%

8%

10%

12%

14%

16%

Aver

age

Ask

ing

Ren

t (P

SF)

Avai

labi

lity

Rat

e (%

)



MID

TOW

N S

OU

TH

MIDTOWNMIDTOWN MIDTOWN SOUTHMIDTOWN SOUTH DOWNTOWNDOWNTOWN CAPITALMARKETSCAPITALMARKETS


ECONOMICOUTLOOKECONOMICOUTLOOK MANHATTANMANHATTAN





11.5% decrease in 1Q 2015 leasing activity compared to 4Q 2014“ ”

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Squa

re F

eet

Midtown South Leasing Activity 5 Year Average


Penn Plaza/Garment District



MID

TOW

N S

OU

TH




66%

20%

8%4%

2%

5,000 - 14,999 SF 15,000 - 24,999 SF 25,000 - 49,999 SF 50,000 - 99,999 SF 100,000 SF+

29%

21%15%

14%

21%

By Number of Deals


66% of number of deals and 29% of leasing activity were leases less than 15,000 SF“ ”









MID

TOW

N S

OU

TH




13%

26%

16%

18%

9%

13%

4%


17%

20%

13%9%

23%

9%

9%


By Square Footage

TAMI (Technology, Advertising, Media and Information Services) industry had greatest number of leases signed while public sector industry had greatest weighted share of leasing activity“ ”









MID

TOW

N S

OU

TH




Penn Plaza/Garment District surpassed average leasing velocity for 3rd quarter in a row“ ”

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

Squa

re F

eet

Penn Plaza/Garment District Leasing Activity 5 Year Average









MID

TOW

N S

OU

TH




971,439

2,213,174

276,626

248,435

144,631

1,063,564

55,796

431,877

374,563

104,687

272,714

190,847

1,141,550

86,908

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000

Chelsea

Gramercy Park

Greenwich Village

Hudson Square

Murray Hill

Penn Plaza/Garment

Soho

Square Feet

YTD 2015 YTD 2014

Leases at 5 Manhattan West gave Penn Plaza/Garment District a 7.3% increase in YTD leasing activity compared to last year“ ”









MID

TOW

N S

OU

TH




Technology continued its demand for space in Midtown South“ ”Company Address Submarket Size Transaction Type Industry

City of New York 5 Manhattan West Penn Plaza/Garment 267,669 Renewal /

Expansion Government

WebMD 395 Hudson Street Hudson Square 147,670 New Technology

Markit 5 Manhattan West Penn Plaza/Garment 139,332 New Technology

NYU Langone Med. Center One Park Avenue Murray Hill 104,351 New Health Services

Facebook 770 Broadway Greenwich Village 79,998 Expansion Technology










MID

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HOME




0%

2%

4%

6%

8%

10%

12%

Ove

rall

Avai

labi

lity

Rat

e

Lowest availability rate since 3Q 2008“ ” Overall Availability




MID

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Tightening availability in Greenwich Village as 51 Astor Place continued leasing and Facebook expanded at 770 Broadway “ ”6.

6% 7.1%

4.1%

13.9

%

6.0%

8.2%

6.8%

6.5%

8.5%

6.4%

14.9

%

6.1%

7.9%

5.9%

8.3%

8.2%

6.0%

12.9

%

7.6%

9.6%

5.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Chelsea Gramercy Park Greenwich Village Hudson Square Murray Hill Penn Plaza/Garment Soho

Avai

labi

lity

Rat

e (%

)

1Q15 4Q14 1Q14





MID

TOW

N S

OU

TH

HOME




0.99

1.86

1.92

1.90

5.89

0 1 2 3 4 5 6 7 8 9 10

> 250,000

100,000-250,000

50,000-100,000

25,000-50,000

< 25,000


Blo

ck S

ize

Ran

ge

1,053 Blocks

59 Blocks

28 Blocks

14 Blocks

2 Blocks

10 Hudson Yards550 Washington Street






MID

TOW

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OU

TH

HOME




855,

444

-1,500,000

-1,000,000

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

Squ

are

Feet

Positive absorption continued despite new construction added to the inventory“ ” Net Absorption


MID

TOW

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OU

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HOME






Gramercy Park had the largest $/SF increase during 1Q 2015 of all the Manhattan submarkets“ ”

$65.

10 $73.

83

$74.

46

$70.

83

$54.

86

$54.

89

$69.

09

$59.

76 $68.

43

$69.

68

$65.

73

$55.

16

$55.

33 $65.

02

$57.

23 $63.

55

$76.

29

$57.

98

$48.

12 $53.

44

$57.

96

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

Chelsea Gramercy Park Greenwich Village Hudson Square Murray Hill Penn Plaza/Garment Soho

Ask

ing

Ren

t ($/

SF)

1Q15 4Q14 1Q14


MID

TOW

N S

OU

TH

HOME






All-time high average asking rent in Midtown South“ ”

7.7%

$62.02

$0

$10

$20

$30

$40

$50

$60

$70

0%

2%

4%

6%

8%

10%

12%

Aver

age

Ask

ing

Ren

t (P

SF)

Avai

labi

lity

Rat

e (%

)



DO

WN

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0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Squa

re F

eet

Downtown Leasing Activity 5 Year Average

47.1% decrease in leasing activity compared to 4Q 2014“ ”



DO

WN

TOW

N




Similar to Midtown, majority number of transactions were less than 15,000 SF, while weighted share of activity was 100,000+ SF leases“ ”

65%

19%

11%3%

3%

5,000 - 14,999 SF 15,000 - 24,999 SF 25,000 - 49,999 SF 50,000 - 99,999 SF 100,000 SF+

26%

16%

18%

10%

29%

By Number of Deals









DO

WN

TOW

N




52% of weighted leasing activity came from FIRE industry in 1Q 2015“ ”33%

11%30%

15%

11%


52%

11%

14%

18%

5%


By Square Footage








DO

WN

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N




The only 100,000+ SF lease signed was WeWork at 85 Broad Street“ ”

7,454

917,731

274,143

8,000

1,161,350

16,685

545,704

49,308

27,054

167,917

0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000

City Hall

Financial District

Insurance District

Tribeca

World Trade Center

Square Feet

YTD 2015 YTD 2014








DO

WN

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N




Technology continued its demand for space in Midtown South“ ”Company Address Submarket Size Transaction Type Industry

WeWork 85 Broad Street Financial District 234,879 New Lease Real Estate

Ambac Assurance Corp. 1 State Street Financial District 79,740 Renewal Insurance

Santander Bank 200 Liberty Street World Trade Center 42,128 New Financial Services

Namely 195 Broadway World Trade Center 41,982 New Technology

WeWork 11 John Street Insurance District 37,309 New Real Estate









DO

WN

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N

HOME




Largest increase in a single quarter since 2011“ ”

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Ove

rall

Avai

labi

lity

Rat

e





DO

WN

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N

HOME




13.2

% 14.6

%

5.7%

5.0%

19.1

%

2.8%

11.6

%

6.5%

5.4%

16.7

%

1.8%

12.6

%

9.4%

6.4%

22.4

%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

City Hall Financial District Insurance Tribeca World Trade Center

Avai

labi

lity

Rat

e (%

)

1Q15 4Q14 1Q14

Addition of 375 Pearl Street to inventory resulted in City Hall availability rate increasing nearly five-fold during 1Q 2015“ ” Overall

Availability




DO

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4.87

2.48

1.56

1.61

3.08

0 1 2 3 4 5 6 7 8 9 10

> 250,000

100,000-250,000

50,000-100,000

25,000-50,000

< 25,000


Blo

ck S

ize

Ran

ge (S

F)

446 Blocks

44 Blocks

23 Blocks

18 Blocks

10 Blocks

1 Liberty Plaza300 Vesey Street180 Maiden Lane

195 Broadway20 Broad Street

28 Liberty Street (2 Blocks)375 Pearl Street

4 World Trade Center1 World Trade Center






DO

WN

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HOME




(1,8

51,0

67)

-4,000,000

-3,000,000

-2,000,000

-1,000,000

0

1,000,000

2,000,000

Squ

are

Feet

First instance of negative absorption since 2Q 2013“ ” Net Absorption


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Financial District average asking rent increased by 11.0% during 1Q 2015 as availabilities were added at 28 Liberty Street and 20 Broad Street“ ”

$51.

74

$50.

29

$44.

59

$61.

92

$62.

34

$53.

54

$45.

31

$42.

49

$60.

94

$61.

03

$41.

29

$43.

11

$39.

91

$61.

38

$59.

21

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

City Hall Financial District Insurance Tribeca World Trade Center

Ask

ing

Ren

t ($/

SF)

1Q15 4Q14 1Q14


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Once again achieving new all-time high average asking rent“ ”

14.6

%

$55.00

$0

$10

$20

$30

$40

$50

$60

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Aver

age

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ing

Ren

t (P

SF)

Avai

labi

lity

Rat

e (%

)



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$16.1 $30.3 $12.8 $2.2 $7.2 $13.8 $9.1 $19.7 $16.8 $5.2

7368

31

13

33

43

6265

77

15

0

10

20

30

40

50

60

70

80

$0

$5

$10

$15

$20

$25

$30

$35

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

# Tr

ansa

ctio

ns

Bill

ions

Sales Volume # Transactions

Sales Volume

Sales Price and Rents/SF

Sales Price/SF by Submarket

Class A and Class B Price/SF

Class A Price/SF by Submarket

Class B Price/SF by Submarket

Buyer and Seller Profiles

Core property transactions dominated sales activity, resulting in the strongest first quarter since 2007“ ”


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$605 $777 $838 $338 $496 $565 $509 $769 $715 $970

$53.68

$68.62 $69.12

$49.11 $48.62$51.33

$56.13$60.41

$66.52 $67.62

$0

$10

$20

$30

$40

$50

$60

$70

$80

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

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t/SF

Pric

e/SF

Price/SF Average Asking Rent

Manhattan all-time high price/SF“ ” Sales Volume








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$309

$580

$240

$107

$97

$250 $2

86 $375 $4

37

$416

$560 $6

07

$534

$303

$472 $496 $524 $5

76 $656

$1,0

77

$655

$975

$948

$416

$580

$697

$648

$955

$961

$1,2

80

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

Pric

e/SF

Downtown Midtown South Midtown

Class A and Class B all-time high price/SF in Midtown and Midtown South“ ” Sales Volume








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Manhattan all-time high price/SF for Class A and Class B“ ”$6

80

$818

$944

$410

$530

$659

$522

$829 $8

66

$1,1

08

$405

$608

$538

$189

$383

$404 $4

94

$596

$543

$637

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

Pric

e/SF

Class A Class B

Sales Volume








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Class A all-time high price/SF in Midtown and Midtown South“ ”$2

86

$580

$0 $0 $97

$301

$284 $3

61

$535

$394

$591

$614

$500

$0

$558 $6

55 $750

$1,1

36

$695

$1,3

70

$716

$1,0

11

$970

$410

$589

$759

$751

$1,0

22

$1,0

43

$1,4

47

$0$100$200$300$400$500$600$700$800$900

$1,000$1,100$1,200$1,300$1,400$1,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

Pric

e/SF

Downtown Midtown South Midtown

Sales Volume








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Class B all-time high price/SF in Midtown South$3

24

$0

$240

$107

$0 $139

$533

$444

$350

$464

$536 $5

99

$541

$303 $3

44

$436

$508

$654

$645

$778

$303

$635

$627

$776

$509

$478

$456

$593 $6

15

$698

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q2015

Pric

e/SF

Downtown Midtown South Midtown“ ” Sales Volume








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Foreign and institutional investors acquired core properties as stable assets, while private equity/funds were the most active sellers “ ”

62%20%

9%3%

7%

Foreign Institutional Private Equity/Funds Private Market REIT

12%

67%

12%

9%

Buyer Profiles Seller Profiles

Sales Volume









CAPITALMARKETSCAPITALMARKETS


1Q 2015 PRESS BRIEFING – Q&A

Documents

2015 Colliers Press Briefing v4interactive · capital markets leasing activity availability net absorption pricing 1q 2015 press briefing. 1q 2015 press briefing 2 manhattan economic