AFFINITY REALTY NYC
Affinity Realty is a full-service real estate company in New York. We provide strategic advisory expertise, specializing in Tenant Representation, Investment Sales and Consulting Services across a wide variety of professions.
Smart real estate decisions come from extensive experience, a pragmatic strategy and a thorough knowledge of the market.
Affinity Realty provides prudent, cost-effective solutions and superior results.
Affinity also provides tenants and landlords and buyers and sellers with access to top tier "in-house" architectural, engineering and construction services.
With over 120 years of experience, our principals have intimate knowledge of the New York City real estate market and have transacted in excess of 8 million square feet of office space and more than $2 billion in sales throughout the city and the tristate area.
Affinity provides strategic guidance and analysis for our commercial office clients. We search for office space with our proprietary database. Our market research provides you with “up to the moment” information for every submarket throughout the city.
It is our fiduciary responsibility to act in your best interest. We help find the space that best suits your budget and aesthetic. Our substantial negotiation experience results in the most advantageous transaction for every tenant.
WHY AFFINITY REALTY?
BUDGET & ESTIMATING
LONG ISLAND CITY
Since the pandemic began, Tenants have been seeking higher quality office space in superior locations, while taking the opportunity to increase or more often, reduce their total square footage, at better pricing.
Demand for Class A office space continues to dominate activity up by more than 28%, year over year. 52% of all new leasing transactions in Q3 took place in Trophy or Class A buildings. Savvy tenants are now touring space.
More than 62 million tourists will have visited New York City in 2023 and with substantial tourism, the retail and hospitality sectors have improved significantly. Transportation numbers are now near pre-covid figures and there are more people in the stores and restaurants all across NYC.
An Autumn swoon has kept office occupancy lower than recently increasing figures. 51% of all workers and staff members in New York were in the office at least three days per week in October. The historical average is approximately 75%.
The Year to date leasing total of 23.65 million square feet is 11.5% lower than the same period in 2022. The average asking rent in Manhattan is $74.21. Midtown office asking rents average $78.24 psf, Midtown South asking rents average $80.34 and Downtown asking rents remain steady at $57.69. The overall Manhattan asking rent average is now 5.3% lower than pre-covid figures.
The total sublease market is comprised of approximately 20,000,000 SF with a total availability rate at 19.1%.
New York State is experiencing an improving economy with the unemployment rate at a healthy 4.2% in October, 2023.
Statistics provided by the New York State Department of Labor