Manhattan’s office market is likely to face a range of challenges in 2012. The economy has yet to settle into a steady pace of sustainable recovery. Some uncertainty is likely to surface in 2012 until the results of the presidential election suggest a probable direction. In the meantime, employers continue to adapt to doing more with less. New businesses are coming of age and will start to hire more and take more space.
I recently attended the “December” NY Tech Meetup at NYU’s Skirball Center on Tuesday, 11/29/2011. I have attended many of these events over the years at the various locations ranging from Cooper Union to IAC to 92nd Street Y to NYU and always enjoy the format as well as the presentations. At the most recent event, however, I have noticed the following trends in the companies presenting as well as the presentations themselves:
The city’s economy stabilized during Q3 but it is already bracing itself for a new round of layoffs on Wall Street. Although NYC’s employment level dropped minimally for the quarter, it is 54,000 jobs ahead of a year ago and an 8.6% unemployment rate remains well below the National average. For the quarter, total employment dropped by 4,800 jobs. In contrast to the rest of the nation, the government sector added 11,100 jobs over the quarter, while the private sector shed 15,900 jobs. By industry, Business Services added 9,700 new jobs and Financial Activities employment grew by 5,300 jobs. In contrast, Information shrank by 8,100 jobs.
CresaPartners' brokers Jack Petrie and Justin Halpern were recently honored at the 20th Annual GreenDeal Awards sponsored by S.L. Green and held on November 15th, 2011 at Cipriani, 110 East 42nd Street, NYC. Petrie and Halpern were honored with an "Encore Award for Two Expansions in One Building" for their representation of Amazon.com's recent lease expansion at 1350 Avenue of the Americas.