(OFFICIAL)-Manhattan office market's 堅い 見通し 固執するs, leaving 投資家s on sidelines
By Herbert 攻撃する
NEW YORK, July 12 (Reuters) - The end of the pandemic has brought little 救済 to Manhattan's depressed market for workspace, where empty 床に打ち倒すs remain the norm and by one 計算／見積り the values of 45% of the city's office buildings are below their last sale price.
The 量 of space 賃貸し（する）d in the second ４半期/4分の1 was 負かす／撃墜する almost 50% from a year ago and was a ４半期/4分の1 いっそう少なく than the five-year pre-pandemic 普通の／平均（する）, によれば 仲買業 data 供給するd to Reuters.
Even so, 賃貸しの prices have held up and jumped for high-end space. But a 低迷 in office building sales paints a more 悲惨な picture as 資本／首都 remains 気が進まない to 投資する in a market radically changed by remote work.
"There's essentially almost no market for office buildings 権利 now because people don't know where the 底（に届く） is," said Andrew Nelson, a real 広い地所 経済学者 who runs Nelson 経済的なs in Washington.
需要・要求する is strong for expensive space in トロフィー 資産s, but everything else is "getting more and more 空いている," he said. "It's a slow-動議 train 難破させる that's going to take years to play out, but it's bad now and it's going to be getting worse."
Unlike in past 経済的な cycles, the office market has yet to 訂正する after more than three years of a 下降, said Andrew Lim, a 研究 director at Jones Lang LaSalle Inc in New York.
Opportunistic 投資家s who could （疑いを）晴らす the market of unneeded office space and help 解除する values are 企て，努力，提案ing their time, sitting on the sidelines, Lim said.
"We know there's s a lot of 資本／首都 around, whether it's from 国内の 会社／堅いs or 君主 wealth 基金s," he said. But "buildings going 支援する to the 貸す人s or in foreclosure has not been as 普及した as som e of the more 悲観的な pundits have 予報するd."
The number of buildings in Manhattan with 貸付金 balances that 越えるd their market value rose in the second ４半期/4分の1 to 112, with 33.4 million square feet of space, from 73 with 15.1 million square feet of space the 事前の ４半期/4分の1, JLL said.
The difference in the 現在の valuation of the 112 buildings from their last, mostly pre-pandemic sale price, totaled $38.3 billion, JLL said. That's 負かす／撃墜する from a valuation loss of $75.8 billion in the first ４半期/4分の1, the 仲買業 said.
The biggest construction にわか景気 in New York in １０年間s, and building 革新s that often cost $100 million or more, have kept office 供給（する） high and 好意d tenants looking to 賃貸し（する）.
Year-to-date, 消極的な 逮捕する absorption - when an 増加する in 供給（する） along with more space 存在 vacated is greater than the 量 of space 賃貸し（する）d is now 2.75 million square feet, 仲買業 CBRE Group Inc said this week.
The 増加する in 消極的な absorption comes にもかかわらず the number of office 職業s in Manhattan now 越えるs pre-pandemic levels.
賃貸し（する）d square （映画の）フィート数 was 負かす／撃墜する 46.7% from last year's second ４半期/4分の1 and was the lowest 年４回の 容積／容量 since the first ４半期/4分の1 of 2021, JLL said in a 報告（する）／憶測.
And Savills Plc said direct 利用できる office space in Manhattan now 対策 70.3 million square feet, the highest in history.
"People talk about 変えるing into 居住の, and that's certainly possible for some, but it's way overstated what the 可能性のある is," said Nelson, throwing 冷淡な water on hopes large-規模 転換 will 権利-size the market.
CONCESSIONS SOAR AT HIGH END
Landlords have 増加するd 譲歩s to 支える asking rents - a 重要な metric in 商業の real 広い地所 貸付金s t hat 貸す人s use to 裁判官 the 歳入 a 所有物／資産／財産 can 生成する - that have held 安定した during the pandemic.
"Asking rents 全体にわたる really 港／避難所't 転換d since 2019, which is an anomaly given what past cycles have been like," Lim said. "We know that is not perhaps the real 明言する／公表する of the market."
逮捕する 効果的な rents, which 含む 譲歩s such as allowances for tenants to 改善する an office, have 二塁打d in price to $106 per square foot this year from $53 in 2020 for トロフィー buildings, Lim said.
But the 逮捕する 効果的な rent for office space in older Class B buildings barely rose during the pandemic, to $50 from $48, a 調印する of the market's bifurcation between 需要・要求する for the very best and the 欠如（する） for lesser 質.
示す Berry, managing director of REIT credit ratings at Kroll 社債 率ing 機関 LLC in New York, said 資本／首都 sees an 適切な時期 but it's difficult to 同意して署名する 貸付金s for office buildings as sales are so few it's hard to 裁判官 true value.
"I don't think values are yet at the point where those pools of 資本／首都 are ready to put the money to work."
(報告（する）／憶測ing by Herbert 攻撃する; Editing by Nick Zieminski)
