Post #89 by Baybrooke on the Brookfield Corporation board

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While it is common knowledge by now that lower-tier and suburban office markets as entering the nine circles of hell...... many were left with the opinion that the world's top office market remains largely unscathed.

Unfortunately, that opinion was wrong: according to the latest report from brokerage Jones Lang LaSalle, which tracks about 470 million square feet (44 million square meters) of New York City offices, found a mere 4.6 million square feet of office space was leased in the first quarter. That means that Manhattan's office-vacancy rate was at a record high as new developments add even more space to the struggling market. Specifically, 16.1% of space was empty as of the first quarter, with leasing is at its lowest levels since the second quarter of 2021. Other real estate companies found si similar results: Colliers recorded a 16.9% vacancy rate in the fourth quarter and a 17.3% rate in the first quarter of 2021.

According to the report, while the market was already struggling with excess supply, it was flooded with more than 1.5 million square feet of office space in the first quarter with the completion of 660 Fifth Ave.'s redevelopment.

Not all of that space will stay empty as landlord Brookfield Properties has signed leases with finance firms including Macquarie Group. The building - formerly known as the iconic 666 Fifth Ave - and the former home of hedge fund giant Millennium Partners until its recent move to 399 Park, has gained traction after undergoing $400 million in renovations that include a new lobby, elevators and facade.

https://www.zerohedge.com/markets/manhattan-office...

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