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Fintech emerges as high-growth industry as financial services companies continue to invest in technology/850/manhattan-4-16-18-fintech-emerges<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-hand-computer-keyboard-technology.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/850/manhattan-4-16-18-fintech-emergesFintech emerges as high-growth industry as financial services companies continue to invest in technologyManhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s serious growth potential.
JPMorgan Chase first to take advantage of East Midtown Rezoning/804/new-york-3-26-18-jpmorgan-chase-and-east-midtown<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/office-building-high-rise-blue-sky.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/804/new-york-3-26-18-jpmorgan-chase-and-east-midtownJPMorgan Chase first to take advantage of East Midtown RezoningThe NYC Department of Planning passed the East Midtown Rezoning in August 2017.
Recent activity suggests a westward shift in Manhattan’s center of gravity/743/new-york-3-5-18-westward-shift<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/office-building-modern-high-rise.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/743/new-york-3-5-18-westward-shiftRecent activity suggests a westward shift in Manhattan’s center of gravity74 percent of all large relocations, by square footage, since 2014 represented movement either West or South; with the majority coming from the Grand Central and Plaza District districts.
Coworking firms cluster in lower cost districts/720/manhattan-2-26-18-coworking-firms-cluster<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/interior-office-cubes-birdseye-view.png?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/720/manhattan-2-26-18-coworking-firms-clusterCoworking firms cluster in lower cost districtsDistinct clustering of firms have been found in the upper Midtown South market (Chelsea and Gramercy Park) and in the Financial District.
Upper Fifth Avenue rents stagnate while availabilities rise gradually/695/new-york-retail-2-19-18-upper-fifth-avenue<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/woman-people-shopping0-retail.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/695/new-york-retail-2-19-18-upper-fifth-avenueUpper Fifth Avenue rents stagnate while availabilities rise graduallyAsking rents for ground floor space in the upper portion of Fifth Avenue (extending from 49th Street to 60th Street) were $2,494 per square foot in the fourth quarter of 2017, down from $2,710 per square foot in Q4 2016.
Desirability and new developments have propelled the Meatpacking District to the top of the market/656/new-york-2-5-18-meatpacking-district-top-of-market<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-office-exterior-japan.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/656/new-york-2-5-18-meatpacking-district-top-of-marketDesirability and new developments have propelled the Meatpacking District to the top of the marketMinimal supply (0.1% Class A vacancy in 2011) and high demand have stimulated new developments in the Meatpacking District – transforming the micromarket into one of the most desirable office districts in the country.