In its Global Market Perspective report for Q315, Jones Lang LaSalle (JLL) notes that the notional capital values of prime office buildings in New York City have risen by 21.2% over the last year. The prime yield is 3.3%, or a 0.97% premium to the yield on 10-year government bonds. Over the last year, rents have risen by 2.5% and net absorption (on a rolling one year basis) has been 1.4%. The vacancy rate is currently 9.7%. Taking into account completions of new projects prior to the end of 2016, the supply pipeline is 0.9% of current stock. JLL considers that conditions will likely favour landlords in 2016.

Source : November 2015/JLL/New York City/OFF