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
Inflation may still be high but talk of a recession has simmered down a bit and afterall, this is New York. Why are we confident? New York has always come back stronger from daunting circumstances.
Since the pandemic began, we have seen a "flight to quality" for office space whereby tenants seek 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 rise with activity up by more than 30%, year over year. Fully 70% of all leasing transactions in the Second Quarter took place in Trophy or Class A buildings. Savvy tenants are now touring space.
More than 56 million tourists visited New York City in 2022 and with substantial tourism, the retail and hospitality sectors have improved significantly. Transportation numbers are rising steadily and there are more people in the stores and restaurants all across NYC.
A summer swoon kept office occupancy lower than recently increasing numbers. What had been a 55% office occupancy was recorded as under 50%.The historical average is approximately 75%.
While Q2 saw 5.3 million square feet leased, 7.4 million square feet was leased during Q1. The average asking rent in Manhattan is $74.94. The availability rate remains high at 18.6%. Midtown office asking rents average $78.24 psf, Midtown South asking rents average $80.34 and Downtown asking rents remain steady at $58.69.
The sublease market encompasses approximately 23,500,000 SF, or 22% of all available space.
New York State has experienced an improving economy with the unemployment rate at 3.9% in July, 2023. This is lower than the long term average of 7.76% and lower than a year earlier when the rate was 5.4%.
Statistics provided by the New York State Department of Labor