Reports & Metrics

New York City’s economy continued to show signs of progress through Q1 2024. As of February 2024, the unemployment rate decreased to 5.10%, marking a 0.20% improvement from the previous quarter and significantly below the historical average of 7.72%. This improvement reflects a growing economy as private sector employment rose by 19,200 jobs year-over-year, totaling 4,090,200. The broader nonfarm job sector nearly returned to its pre-pandemic levels, reaching 98.7% recovery with 4,659,600 jobs. Read the…

While economic uncertainty loomed, consumer spending in the first quarter of 2024 remained robust for retail goods. Retail sales in the US rose 0.7% in March to $709.6 billion, and total sales for Q1 2024 were up 2.1% from the same period a year ago. The National Retail Federation expects retail sales to reach between $5.23 trillion and $5.28 trillion this year. The 2024 forecast is roughly in line with the 10-year pre-pandemic average annual…

Dive into the highlights of a remarkable year! Click the link below to explore the 2023 Year in Review from our Investment Sales Team. 2023 Year in Review

Economic Snapshot of national and local market indicators for May/June 2023, a helpful overview on current market conditions. Read the complete snapshot here: May/June 2023 Economic Snapshot

Leasing activity fell below historical levels in the second quarter to 6.2 million square feet, reflecting a 31.4% year-over-year decline and a 29.5% decline from the five-year rolling quarterly average of 8.8 million square feet. Q2 2023 leasing activity outpaced the first quarter due to a 630,000 square foot lease signed at 110 William Street by the Department of Citywide Administrative Services, leading to a 7.4% quarter-over-quarter increase in total activity. For the first half…

Despite economic headwinds, consumer demand for retail goods remained robust through the first quarter of 2023. National retail sales (including food services) totaled a seasonally adjusted $2,063 billion in Q1 2023, up 4.9% from the prior year and surpassing Q1 2019’s level of $1,509 billion by 36.7%. Food and beverage sales accounted for 12.8% of total retail spending, on par with pre-pandemic levels. Read the complete overview here: 2023 NYC Retail Overview

In the first quarter, leasing activity in Manhattan totaled just 5.5 million square feet, a 31.4% decline from the same period last year and a 29.9% decline from last quarter. Larger deals were driven by renewals, indicative of tenants’ hesitancy to commit to significant real estate decisions in the current market. Meanwhile, availability stood at 18.4%, reflecting an additional 36.2 million square feet on the market compared to 2020 Q2, leading to a persisting supply-demand…

At the close of the year, national and local labor markets remained strong despite the Federal Reserve’s continued efforts to cool demand. National unemployment in November was 3.7% while New York City’s rate was 5.8%, unchanged from October but down 1.7% year-over-year. Read the complete report here: Q4 2022 Manhattan Office Market Report

At 8.3 million square feet, Q3 2022 was the strongest quarter for Manhattan leasing activity of the year so far, up by 5.1% from the previous quarter. However, activity was down by 4.6% from the same period last year and 24.8% from the pre-pandemic (2017- 2019) average of 11.0 million SF. Read the complete report here: Q3 2022 Manhattan Office Market Report