The Market = Your Alternatives (
A message from Ben Blumenthal) -
Quick Bites
- Midtown's average asking rent increased 2% from Q4 2021 to ~ $85 PSF
- The latest NYC ridership data continues to show the heaviest traffic is taking place between Tuesday and Thursday
- One Vanderbilt set a new record with its latest office lease topping $300 PSF
The Juice
As office tenants come to explore the office market, they often begin by sharing with us a notion of what they expect to see based on what they’ve recently heard and/or read in the news, and without being fully aware of the nuances and disclaimers that come along with these claims.
Despite the data, news, and anecdotes to support any selected narrative, we’ve found that the most accurate measure of the "market" for a specific requirement is best informed by evaluating the available alternatives.
When looking for an office space at the best possible terms, more critical than any anecdotal thought is to determine where your requirement stands in the supply - demand balance of today’s market.
So while an offer to lease may seem appealing in isolation, being informed about the current market conditions is always going to be your best gauge to understand what and where the best deal is to be found.
Stay informed!
Ben
Ben Blumenthal
Principal Broker
Noah & Co.
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