The unemployment rate in the US and New York City decreased to 5.1% and 5.2% respectively in the third quarter of 2015, their lowest levels since 2008. 142,000 jobs were added nationally in September while New York City lost 4,400 jobs over the quarter but saw 8,000 added in September. Unemployment rates in both areas continue to improve and are nearing pre-recession levels. The leisure and hospitality sector saw the largest growth in New York City over the past 20 years while goods producing jobs decreased significantly.
December 2017 U.S. employment update and outlookJLL
Monthly employment growth surpassed the 200,000-mark for a second consecutive month in November, adding 228,000 jobs and countering hurricane-related pauses earlier in the year. Importantly, job growth is still taking place faster than the labor force is capable of expanding and with the participation rate not increasing, placing pressure on employers in primary, secondary and tertiary markets to expand their headcount.
January 2018 U.S. employment update and outlookJLL
December 2017 saw 148,000 net new jobs added to the national labor market, below consensus figures but still healthy. Unemployment held steady at 4.1 percent and is expected to stay flat or decline in the absence of meaningful improvements in labor force participation or accelerated expansion of the labor force. A combination of widespread positive fundamentals, from consumer spending to business investment, is keeping the outlook for 2018 optimistic.
Idaho Department of Labor Projections and Hot Jobs - Idaho and SW IdahoEthan Mansfield
The document provides projections for industries and occupations in Idaho from 2014 to 2024. It projects that 138,000 new jobs will be added in Idaho by 2024, with other services growing the fastest at 3.9% annually. Health care and social assistance is projected to add the most jobs and grow at 2% annually. In Southwest Idaho, 71,300 new jobs are projected with other services again growing the fastest. Health care and social assistance is projected to add 7,300 jobs and grow at 1.6% annually. The document also provides projections for various occupations in Idaho and Southwest Idaho.
WA CONSTRUCTION INDUSTRY SNAPSHOT Nov 2015Alan Davis
The document provides data on economic, employment, and training issues affecting the construction industry in Western Australia. Some key points:
- The construction workforce increased by 7,698 people in the last quarter to a total of 162,920 people as of August 2015.
- Apprentice commencements in construction trades decreased 4.0% and electrical apprentices decreased 1.8% compared to 2014 levels. Overall apprentice commencements decreased 3.2%.
- There are currently 8,489 apprentices in training in construction trades and electrical, the highest number ever recorded.
- The value of residential construction work increased 7.51% in the year to June 2015, while non-residential construction
National Employment Situation: January 2018DavidDominy1
The document summarizes key labor market statistics from January 2018:
- The U.S. labor market added 200,000 net new jobs in January with the unemployment rate stable at 4.1%.
- Shortages of skilled talent are constraining company expansion nationally as bachelor's degree unemployment is very low at 2.1%.
- Continued strong economic growth, inflation above 2%, and a tight labor market make further Federal Reserve interest rate hikes in 2018 likely.
February 2018 U.S. employment update and outlookJLL
January 2018 saw 200,000 net new jobs created, with unemployment once again stable at 4.1 percent. Job growth continues in line with expansion of the broader labor force, even as slack diminishes.
2018 Economic Forecast Dragas Center for Economic Analysis and Policy - (31 J...rmcnab67
This document provides an economic forecast for 2018. It summarizes recent economic trends and forecasts for the coming year. The national economy is expected to see continued growth in 2018, with real GDP growth of 3.0% predicted. Unemployment is forecast to fall to 3.8% while inflation rises to 2.9%. The Virginia economy is also expected to grow, with real GDP increasing 2.2% in 2018. For Hampton Roads, growth has lagged the national rate in recent years. The forecast predicts stagnant growth will continue in the short-term but prospects are improving for the future.
U.S. unemployment rate data and trends: February 2014JLL
U.S. economy added 175,000 jobs in February, representing below-average growth but exceeding some expectations. The unemployment rate increased 10 basis points to 6.7 percent, causing some to blame this winter’s frigid weather on halted growth. Unemployment for high school and college graduates remains lower, and labor force participation among this key demographic is up, though still suppressed. Total unemployment remains above historic norms at 12.6 percent.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
December 2017 U.S. employment update and outlookJLL
Monthly employment growth surpassed the 200,000-mark for a second consecutive month in November, adding 228,000 jobs and countering hurricane-related pauses earlier in the year. Importantly, job growth is still taking place faster than the labor force is capable of expanding and with the participation rate not increasing, placing pressure on employers in primary, secondary and tertiary markets to expand their headcount.
January 2018 U.S. employment update and outlookJLL
December 2017 saw 148,000 net new jobs added to the national labor market, below consensus figures but still healthy. Unemployment held steady at 4.1 percent and is expected to stay flat or decline in the absence of meaningful improvements in labor force participation or accelerated expansion of the labor force. A combination of widespread positive fundamentals, from consumer spending to business investment, is keeping the outlook for 2018 optimistic.
Idaho Department of Labor Projections and Hot Jobs - Idaho and SW IdahoEthan Mansfield
The document provides projections for industries and occupations in Idaho from 2014 to 2024. It projects that 138,000 new jobs will be added in Idaho by 2024, with other services growing the fastest at 3.9% annually. Health care and social assistance is projected to add the most jobs and grow at 2% annually. In Southwest Idaho, 71,300 new jobs are projected with other services again growing the fastest. Health care and social assistance is projected to add 7,300 jobs and grow at 1.6% annually. The document also provides projections for various occupations in Idaho and Southwest Idaho.
WA CONSTRUCTION INDUSTRY SNAPSHOT Nov 2015Alan Davis
The document provides data on economic, employment, and training issues affecting the construction industry in Western Australia. Some key points:
- The construction workforce increased by 7,698 people in the last quarter to a total of 162,920 people as of August 2015.
- Apprentice commencements in construction trades decreased 4.0% and electrical apprentices decreased 1.8% compared to 2014 levels. Overall apprentice commencements decreased 3.2%.
- There are currently 8,489 apprentices in training in construction trades and electrical, the highest number ever recorded.
- The value of residential construction work increased 7.51% in the year to June 2015, while non-residential construction
National Employment Situation: January 2018DavidDominy1
The document summarizes key labor market statistics from January 2018:
- The U.S. labor market added 200,000 net new jobs in January with the unemployment rate stable at 4.1%.
- Shortages of skilled talent are constraining company expansion nationally as bachelor's degree unemployment is very low at 2.1%.
- Continued strong economic growth, inflation above 2%, and a tight labor market make further Federal Reserve interest rate hikes in 2018 likely.
February 2018 U.S. employment update and outlookJLL
January 2018 saw 200,000 net new jobs created, with unemployment once again stable at 4.1 percent. Job growth continues in line with expansion of the broader labor force, even as slack diminishes.
2018 Economic Forecast Dragas Center for Economic Analysis and Policy - (31 J...rmcnab67
This document provides an economic forecast for 2018. It summarizes recent economic trends and forecasts for the coming year. The national economy is expected to see continued growth in 2018, with real GDP growth of 3.0% predicted. Unemployment is forecast to fall to 3.8% while inflation rises to 2.9%. The Virginia economy is also expected to grow, with real GDP increasing 2.2% in 2018. For Hampton Roads, growth has lagged the national rate in recent years. The forecast predicts stagnant growth will continue in the short-term but prospects are improving for the future.
U.S. unemployment rate data and trends: February 2014JLL
U.S. economy added 175,000 jobs in February, representing below-average growth but exceeding some expectations. The unemployment rate increased 10 basis points to 6.7 percent, causing some to blame this winter’s frigid weather on halted growth. Unemployment for high school and college graduates remains lower, and labor force participation among this key demographic is up, though still suppressed. Total unemployment remains above historic norms at 12.6 percent.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
The MNI India Business Indicator increased to 65.5 in March from 58.2 in February, reaching a 17-month high. This suggests GDP growth may pick up slightly from the 4.7% rate in the last quarter of 2013. Production increased slightly while export orders rose to the highest level since February 2013. Order backlogs increased for the second month in a row while inventories decreased, indicating an increase in demand. Input and output prices declined but remained elevated. The chief economist of MNI Indicators said the data is consistent with a slight increase in growth in the first quarter.
- The expected effective retirement age in Finland was 61.2 years for 25-year-olds and 62.8 years for 50-year-olds in 2017, showing a slight increase from 2016.
- 75,372 people retired on an earnings-related pension in 2017, a small decrease from 2016. The majority, 56,600, retired on an old-age pension at an average age of 63.
- Employment rates for older age groups have been increasing, with rates for 55-59 year-olds reaching a record high of 76% in 2017, though Finland still lags behind other Nordic countries.
The national economy has finally gained back all jobs lost during recession, 79 months after the recession began. Not only are we back to the pre-recession employment peak—we’re 98,000 jobs above it.
The 217,000 new jobs created in May represent the fourth consecutive month of more than 200,000 payroll additions, the first time that this has happened during the recovery of late. Unemployment held steady at 6.3 percent, as did the labor force participation rate at its low of 62.8 percent.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
The document is an economic and revenue outlook report from Oregon. It provides an overview of Oregon's economic outlook, noting improvements in the Blue Chip consensus forecast for 2014 GDP growth. It discusses industries adding capacity as businesses become profitable and reach capacity constraints. The report examines Oregon's unemployment rates and declining labor force participation. It forecasts expected labor supply response and growth in jobs outpacing growth in the labor force. The report also provides details on Oregon's revenue outlook, personal income tax issues, and a 10-year revenue forecast summary.
The headline CPI (for all urban areas) annual inflation rate in September 2015 was 4,6%. This rate was the same as the corresponding annual rate of 4,6% in August 2015. On average, prices were unchanged between August 2015 and September 2015.
The document provides a summary of Bartlett & West's CareerBuilder job posting performance over several months and recommendations to improve performance. Key points include:
- Views per job and applications per job are lower than industry averages
- Nearly 70% of the company's website traffic in one month came from CareerBuilder job postings
- Recommendations include using premium job branding to attract more candidates and applications
The unemployment rate dropped yet again in June, to 6.1 percent. However, total unemployment, which dropped only 10 basis points in June to 12.1 percent, is still double that official rate.
Total non-farm employment increased by 288,000 jobs, making June the fifth consecutive month of growth over 200,000 net new jobs. And, this growth was diverse, with the top three industry markets contributing only one-half of new jobs, and all but two subsectors showing net growth.
See more employment data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
Additional office market research at: http://bit.ly/1znn4KF
Government at a Glance 2013, Country Fact Sheet: New ZealandOECD Governance
Country fact sheet showing indicators on strategic governance, women in government, public finance & economics, public procurement, budget practices & procedures, open and inclusive government, public employment & pay, and serving citizens.
More information is available from the OECD publication Government at a Glance 2013.
http://www.oecd.org/gov/govataglance.htm
This document discusses employer-led models (ELM) for engaging industries in HIV/AIDS prevention and care efforts for migrant workers in India. Some key points:
- ELM aims to integrate HIV/AIDS programs within industry structures to benefit informal workers and communities through partnerships between NACO, state agencies and private industries.
- Potential partnerships could include HIV awareness, STI prevention and treatment, testing and counseling, and creating a supportive environment to reduce stigma.
- Over 100 industries across various sectors in 23 states have partnered so far, with the majority providing awareness activities and HIV testing services.
- Opportunities for industries include positive branding, reporting partnerships as corporate social responsibility, and contributing to
Government at a Glance 2013, Country Fact Sheet: NorwayOECD Governance
Country fact sheet showing indicators on strategic governance, women in government, public finance & economics, public procurement, budget practices & procedures, open and inclusive government, public employment & pay, and serving citizens.
More information is available from the OECD publication Government at a Glance 2013.
http://www.oecd.org/gov/govataglance.htm
Hiring in St. Louis continues to outpace the U.S. as non-farm payrolls grew by 2.6 percent from the previous year. Find out more in our November Employment Update
According to the most recent estimates from the BLS, total nonfarm employment in Cincinnati stood at ~1.07 million payrolls, representing an annualized increase of 28,400 jobs or 2.7 percent.
Payroll growth in St. Louis continued to keep pace with the national average. The unemployment rate moved up slightly as the labor force continued to expand. Find out more in our monthly Employment Update.
The St. Louis labor market continues to be very healthy. Non-farm payrolls in St. Louis rose 3.1 percent year-over-year, the most in 15 years. This led to the unemployment rate to fall below 4.0 percent for the first time since 2000.
The unemployment rate dropped slightly to 4.7 percent, but employers added 235,000 new jobs in February, continuing January's strong employment momentum.
The MNI India Business Indicator increased to 65.5 in March from 58.2 in February, reaching a 17-month high. This suggests GDP growth may pick up slightly from the 4.7% rate in the last quarter of 2013. Production increased slightly while export orders rose to the highest level since February 2013. Order backlogs increased for the second month in a row while inventories decreased, indicating an increase in demand. Input and output prices declined but remained elevated. The chief economist of MNI Indicators said the data is consistent with a slight increase in growth in the first quarter.
- The expected effective retirement age in Finland was 61.2 years for 25-year-olds and 62.8 years for 50-year-olds in 2017, showing a slight increase from 2016.
- 75,372 people retired on an earnings-related pension in 2017, a small decrease from 2016. The majority, 56,600, retired on an old-age pension at an average age of 63.
- Employment rates for older age groups have been increasing, with rates for 55-59 year-olds reaching a record high of 76% in 2017, though Finland still lags behind other Nordic countries.
The national economy has finally gained back all jobs lost during recession, 79 months after the recession began. Not only are we back to the pre-recession employment peak—we’re 98,000 jobs above it.
The 217,000 new jobs created in May represent the fourth consecutive month of more than 200,000 payroll additions, the first time that this has happened during the recovery of late. Unemployment held steady at 6.3 percent, as did the labor force participation rate at its low of 62.8 percent.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
The document is an economic and revenue outlook report from Oregon. It provides an overview of Oregon's economic outlook, noting improvements in the Blue Chip consensus forecast for 2014 GDP growth. It discusses industries adding capacity as businesses become profitable and reach capacity constraints. The report examines Oregon's unemployment rates and declining labor force participation. It forecasts expected labor supply response and growth in jobs outpacing growth in the labor force. The report also provides details on Oregon's revenue outlook, personal income tax issues, and a 10-year revenue forecast summary.
The headline CPI (for all urban areas) annual inflation rate in September 2015 was 4,6%. This rate was the same as the corresponding annual rate of 4,6% in August 2015. On average, prices were unchanged between August 2015 and September 2015.
The document provides a summary of Bartlett & West's CareerBuilder job posting performance over several months and recommendations to improve performance. Key points include:
- Views per job and applications per job are lower than industry averages
- Nearly 70% of the company's website traffic in one month came from CareerBuilder job postings
- Recommendations include using premium job branding to attract more candidates and applications
The unemployment rate dropped yet again in June, to 6.1 percent. However, total unemployment, which dropped only 10 basis points in June to 12.1 percent, is still double that official rate.
Total non-farm employment increased by 288,000 jobs, making June the fifth consecutive month of growth over 200,000 net new jobs. And, this growth was diverse, with the top three industry markets contributing only one-half of new jobs, and all but two subsectors showing net growth.
See more employment data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
Additional office market research at: http://bit.ly/1znn4KF
Government at a Glance 2013, Country Fact Sheet: New ZealandOECD Governance
Country fact sheet showing indicators on strategic governance, women in government, public finance & economics, public procurement, budget practices & procedures, open and inclusive government, public employment & pay, and serving citizens.
More information is available from the OECD publication Government at a Glance 2013.
http://www.oecd.org/gov/govataglance.htm
This document discusses employer-led models (ELM) for engaging industries in HIV/AIDS prevention and care efforts for migrant workers in India. Some key points:
- ELM aims to integrate HIV/AIDS programs within industry structures to benefit informal workers and communities through partnerships between NACO, state agencies and private industries.
- Potential partnerships could include HIV awareness, STI prevention and treatment, testing and counseling, and creating a supportive environment to reduce stigma.
- Over 100 industries across various sectors in 23 states have partnered so far, with the majority providing awareness activities and HIV testing services.
- Opportunities for industries include positive branding, reporting partnerships as corporate social responsibility, and contributing to
Government at a Glance 2013, Country Fact Sheet: NorwayOECD Governance
Country fact sheet showing indicators on strategic governance, women in government, public finance & economics, public procurement, budget practices & procedures, open and inclusive government, public employment & pay, and serving citizens.
More information is available from the OECD publication Government at a Glance 2013.
http://www.oecd.org/gov/govataglance.htm
Hiring in St. Louis continues to outpace the U.S. as non-farm payrolls grew by 2.6 percent from the previous year. Find out more in our November Employment Update
According to the most recent estimates from the BLS, total nonfarm employment in Cincinnati stood at ~1.07 million payrolls, representing an annualized increase of 28,400 jobs or 2.7 percent.
Payroll growth in St. Louis continued to keep pace with the national average. The unemployment rate moved up slightly as the labor force continued to expand. Find out more in our monthly Employment Update.
The St. Louis labor market continues to be very healthy. Non-farm payrolls in St. Louis rose 3.1 percent year-over-year, the most in 15 years. This led to the unemployment rate to fall below 4.0 percent for the first time since 2000.
The unemployment rate dropped slightly to 4.7 percent, but employers added 235,000 new jobs in February, continuing January's strong employment momentum.
November 2015 U.S. employment update and outlookJLL
October saw the labor market return to form after a two-month slowdown, adding 271,000 net new jobs across industries, in turn bringing down unemployment to 5 percent, the lowest rate seen during the recovery so far.
Notable over the past few months has been a rise in wages in an otherwise low-inflation environment, which will boost the personal expenditures component of GDP in the coming quarters.
September 2017 U.S. employment update and outlookJLL
The national labor market saw 156,000 net new jobs added in August, a solid figure but below expectations. Additionally, previous months registered downward revisions to job growth, muting some of the rebound witnessed during the summer. Continuing a trend that has intensified in recent quarters, a lack of skilled workers combined with minimal unemployment and external difficulties such as housing affordability in tech hubs have significantly slowed tech growth over the year. Even with inconsistent inflation, sustained job growth could likely encourage another Federal Reserve rate hike in the near term.
The document reports on employment trends in Indianapolis from February 2014 to February 2016. It finds that while the unemployment rate in Indianapolis rose to 4.9% in February 2016, job growth over the period continued above national rates. Financial activities and education/health services saw notable growth. Nationally, unemployment was 5.0% in March 2016 as the labor force increased and 215,000 new jobs were added.
The document reports on employment trends in Indianapolis from 2010 to 2015. It shows that non-farm employment reached its highest level ever in August 2015 at 1,030,100 jobs. The unemployment rate declined to 4.2% for Indianapolis and 4.6% for Indiana. Several sectors experienced strong growth over the past year, including trade/transportation/utilities which grew by 6.1%, manufacturing by 2.2%, and leisure/hospitality by 4%.
- Indianapolis unemployment rate decreased slightly to 4.4% while total employment reached a new historical high of 981,713 jobs.
- U.S. job growth in August was lower than expected at 173,000 jobs, below the recent range of 200,000-250,000. The U.S. unemployment rate fell to 5.1%.
- Indianapolis saw growth across many sectors such as trade, transportation, and utilities (6.0%), professional and business services (5.1%), and manufacturing (2.1%).
November 2017 U.S. employment update and outlookJLL
October saw 261,000 net new jobs added, a rebound from a weak September hit with two hurricanes and an initially negative employment growth figure. Revisions brought September back to positive territory, however, extending the expansionary streak to 84 consecutive months of growth. Although unemployment has fallen to 4.1 percent, wage growth has yet to meaningfully improve, remaining below the 3.0-percent threshold and with most industries seeing a slowdown the rate of annual earnings growth.
The document discusses China's economic growth and business cycles since 1980. It shows that China's economy has experienced periods of rapid growth as well as slowdowns, indicating it does experience business cycles like other economies. In recent years, China has faced challenges with rising debt levels, declining productivity growth, and the need to transition to a more sustainable model of consumption-led growth.
3. National
• 142,371,000: Total Nonfarm Payroll Employment, Sep. 2015 (SA)-(Preliminary)
• 65,217: 10-Year Average number of jobs added per month
• 142,000: Number of jobs added September 2015 (Preliminary)
• 5.1%: September 2015 Unemployment Rate (SA)
• 7.0%: 10-Year Unemployment Rate Average
Bureau of Labor Statistics
National unemployment rate decreased to 5.1% September 2015. Unemployment dropped 20
basis points quarter-to-quarter. The lowest it's been since April 2008 at 5%. We're gradually
edging downwards to pre-recession rates which are below 5%. Employers added 142,000 jobs in
September (preliminary figure). Collectively, Q3 added 501,000 jobs.
7.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
May-06
Dec-06
Jul-07
Feb-08
Sep-08
Apr-09
Nov-09
Jun-10
Jan-11
Aug-11
Mar-12
Oct-12
May-13
Dec-13
Jul-14
Feb-15
Sep-15
National Unemployment Rate
Unemployment Rate (SA) 10-Year Avg.
(1,000,000)
(800,000)
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
Oct-05
Feb-06
Jun-06
Oct-06
Feb-07
Jun-07
Oct-07
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
National Nonfarm Jobs Added (October 2005 - September 2015)
4. New York City
• 4,202,400: Total Nonfarm Jobs as of September 2015 (SA)
• 3,597: 20-Year Average number of jobs added monthly (SA)
• 4,950: 10-Year Average number of jobs added montly (SA)
• 8,000: Number of jobs gained in September 2015 (SA)
• -4,400: Number of jobs gained in 3Q 2015 (SA)
• 5.2%: September 2015 Unemployment Rate (SA)
• 7.5%: 10-Year Unemployment Rate Average
New York Department of Labor
Q3 had a net gain of -4,400 in jobs added in NYC. September saw an addition of
8,000 jobs, but it wasn't enough due to August's bad month in losing 13,400 jobs.
Unemployment in the city continues to strengthen leading to a quarter closing of a
low rate of 5.2%. This is the lowest since March 2008 (5.1%).
7.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
New York City Unemployment Rate
Unemployment Rate (SA) 10 Year Average
(40)
(30)
(20)
(10)
-
10
20
30
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Thousands
New York City Nonfarm Jobs Added
5. Unemployment Rate Comparison
Seasonally Adjusted
September 2015 Unemployment Rate 10-Year Unemployment Rate Average
United States 5.1% 7.0%
New York City 5.2% 7.5%
Bureau of Labor Statistics and New York Department of Labor
United States 10-year unemployment rate average decreased by 20 basis points since last quarter, bringing it within 10 basis points of NYC's unemployment rate. The U.S.
unemployment rate decreased to 5.1%, as low as it has been since 2008. Similarly NYC's unemployment rate dropped by 1.5 percentage points since Sept. 2015 (6.7%).
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
United States vs. New York City Unemployment Rate
U.S. N.Y.C. 10-Year U.S. Avg. 10-Year N.Y.C. Avg.
6. Unemployment and Jobs Added Overview
Start of 2007 Recession End of Recession: 2009
Unemployment Peak:
2009
September
2015
20-Year
Average
10-Year
Average
United States 5.0% 9.5% 10.0% 5.1% 6.0% 7.0%
New York State 4.9% 8.6% 8.9% 4.8% 6.2% 6.7%
New York City 5.2% 9.6% 10.2% 5.2% 7.5% 7.5%
Start of 2007 Recession End of Recession: 2009
Lowest Job Numbers
2010
September
2015
20-Year
Average
10-Year
Average
United States 138,350,000 130,944,000 129,649,000 142,371,000 131,952,000 135,429,000
New York State 8,774,000 8,522,600 8,496,900 9,261,000 8,566,700 8,778,900
New York City 3,776,500 3,683,600 3,678,400 4,202,400 3,698,700 3,842,400
Start of 2007 Recession: December 2007
End of Recession: June 2009
Bureau of Labor Statistics and New York Department of Labor
Unemployment
Time Period
Non-Farm
Jobs
Time Period
Employment increased across the United States and New York State. New York City lost 1,100 jobs since last quarter. All three markets are performing better compared to their 20 and 10 year averages. New
York State finally lowered its unemployment rate to pre-recession levels at 4.8%. New York City also cut its unemployment rate to 5.2%, to what it was at the beginning of the 2007 recession.
7. September 2015 New York City Industry Composition of Nonfarm Jobs
Not Seasonally Adjusted. Data is preliminary and can be adjusted.
New York Department of Labor
• The Leisure and Hospitality sector has grown 102% in 20 years.
• The Goods Producing sector lost 32% of its labor force in 20 years.
• Vice versa, the Service Producting sector grew by 32% in 20 years.
• In a 20-Year growth, the following sectors grew by 50-60%: Professional and
Business Services; Education and Health Services; & Other Services.
• Financial Activities had the weakest 10-Year growth at 2.6%.
• Government lost 0.6% of its workforce in 10 years.
Goods Producing,
2.8%
Service Producing,
52.8%
Information, 2.4%
Financial Activities,
6.1%
Professional &
Business Services,
9.1%
Education & Health
Services, 11.5%
Leisure &
Hospitality, 5.7%
Other Services,
2.5%
Government, 7.2%
2015
Goods
Producing,
3.6%
Service
Producing,
52.5%
Information,
2.6%
Financial
Activities,
7.0%
Professional
& Business
Services, 8.7%
Education &
Health
Services,
10.5%
Leisure &
Hospitality,
4.4%
Other
Services, 2.4%
Government,
8.5%
2005
Goods
Producing,
5.3%
Service
Producing,
51.9%
Information,
2.7%
Financial
Activities, 8.1%
Professional &
Business
Services, 7.7%
Education &
Health
Services, 9.4%
Leisure &
Hospitality,
3.6%
Other Services,
2.1%
Government,
9.2%
1995
8. September 2015 New York City Industry Snapshot
Not Seasonally Adjusted. Data is preliminary and can be adjusted.
Industry Sectors are sorted by September 2015 results.
Industry
September
2015
August
2015
September
2014
Net
Month
Percent
Month
Net
Year
Percent
Year
Total Nonfarm 4,191,500 4,191,900 4,119,600 (400) 0.0% 71,900 1.7%
Total Private 3,648,900 3,644,100 3,579,100 4,800 0.1% 69,800 2.0%
Service Providing 3,982,200 3,980,000 3,909,500 2,200 0.1% 72,700 1.9%
Education & Health Services 866,100 852,900 845,300 13,200 1.5% 20,800 2.5%
Professional & Business Services 686,500 692,800 672,400 (6,300) -0.9% 14,100 2.1%
Government 542,600 547,800 540,500 (5,200) -0.9% 2,100 0.4%
Financial Activities 458,900 464,200 450,400 (5,300) -1.1% 8,500 1.9%
Leisure & Hospitality 426,800 426,100 413,600 700 0.2% 13,200 3.2%
Goods Producing 209,300 211,900 210,100 (2,600) -1.2% (800) -0.4%
Other Services 187,200 188,700 179,800 (1,500) -0.8% 7,400 4.1%
Information 183,200 185,500 185,100 (2,300) -1.2% (1,900) -1.0%
New York Department of Labor
9. September 2015 New York City Industry Snapshot: Yearly Percentage Change
Not Seasonally Adjusted. Data is preliminary and can be adjusted.
Industry Sectors are sorted by Percentage by Year.
Industry
September
2015
August
2015
September
2014
Net
Month
Percent
Month
Net
Year
Percent
Year
Total Nonfarm 4,191,500 4,191,900 4,119,600 (400) 0.0% 71,900 1.7%
Total Private 3,648,900 3,644,100 3,579,100 4,800 0.1% 69,800 2.0%
Goods Producing 187,200 188,700 179,800 (1,500) -0.8% 7,400 4.1%
Information 426,800 426,100 413,600 700 0.2% 13,200 3.2%
Professional & Business Services 866,100 852,900 845,300 13,200 1.5% 20,800 2.5%
Education & Health Services 686,500 692,800 672,400 (6,300) -0.9% 14,100 2.1%
Other Services 3,982,200 3,980,000 3,909,500 2,200 0.1% 72,700 1.9%
Service Providing 458,900 464,200 450,400 (5,300) -1.1% 8,500 1.9%
Leisure & Hospitality 542,600 547,800 540,500 (5,200) -0.9% 2,100 0.4%
Financial Activities 209,300 211,900 210,100 (2,600) -1.2% (800) -0.4%
Government 183,200 185,500 185,100 (2,300) -1.2% (1,900) -1.0%
New York Department of Labor
10. New York City Historical Industry Snapshot
Not Seasonally Adjusted
Industry
September
2015
September
2010
September
2005
Net
5 Year
Percent
5 Year
Net
10 Year
Percent
10 Year
Total Nonfarm 4,191,500 3,704,100 3,610,000 487,400 13.2% 581,500 16.1%
Total Private 3,648,900 3,157,800 3,064,100 491,100 15.6% 584,800 19.1%
Service Providing 3,982,200 3,512,900 3,377,600 469,300 13.4% 604,600 17.9%
Education & Health Services 866,100 744,500 673,300 121,600 16.3% 192,800 28.6%
Professional & Business Services 686,500 575,000 558,700 111,500 19.4% 127,800 22.9%
Government 542,600 546,300 545,900 -3,700 -0.7% -3,300 -0.6%
Financial Activities 458,900 430,800 447,300 28,100 6.5% 11,600 2.6%
Leisure & Hospitality 426,800 327,900 282,100 98,900 30.2% 144,700 51.3%
Goods Producing 209,300 191,200 232,400 18,100 9.5% -23,100 -9.9%
Other Services 187,200 159,900 153,400 27,300 17.1% 33,800 22.0%
Information 183,200 167,900 164,500 15,300 9.1% 18,700 11.4%
New York Department of Labor
11. 2015 New York City Wages
Data is preliminary. Annual salaries are projected by quarterly surveys. Since 2015 is not complete, salaries are subject to revisions.
Sorted by Total Wages ($ Millions) in ascending order.
New York Department of Labor
$105,344
$111,880
$511,440
$129,812
$62,784
$46,388
$153,196
$251,060
$38,160
$60,680
$85,616
$63,536
$31,796
$84,404
$69,196
$46,720
$54,048
$62,016
$55,840
$38,740
$69,216
$222,216
$421,587
$388,128
$163,481
$48,513
$33,459
$29,646
$26,507
$17,187
$13,078
$12,545
$11,458
$11,128
$10,310
$9,555
$8,570
$7,661
$5,971
$4,855
$4,244
$840
$16
$13
$-$100,000$200,000$300,000$400,000$500,000
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000
All Industries
All Private
Finance & Insurance
Professional, Scientific & Technical Services
Government
Health Care & Social Assistance
Information
Management of Companies & Enterprises
Retail Trade
Administrative, Support, Waste Management & Remediation
Wholesale Trade
Educational Services
Accomodation & Food Services
Real Estate
Construction
Other Services (Except Public Administration)
Transportation & Warehousing
Arts, Entertainment & Recreation
Manufacturing
Unclassified
Agriculture, Forestry, Fishing & Hunting
Mining, Quarrying, and Oil/Gas Extraction
Millions
Average Wage Total Wages
12. New York City Wages: Time Comparison
Average Salaries
2015
Estimated
2010
% Change
5 Year
2005
% Change
10 Year
Recession
2007-2009
% Change
Since Recession
All Industries $105,344 $77,997 35.1% $67,858 55.2% $78,129 34.8%
All Private $111,880 $81,786 36.8% $70,834 57.9% $82,295 35.9%
Accommodation & Food Services $31,796 $28,585 11.2% $25,941 22.6% $28,384 12.0%
Administrative, Support, Waste Management & Remediation $60,680 $50,383 20.4% $40,332 50.5% $47,449 27.9%
Agriculture, Forestry, Fishing & Hunting $69,216 $56,385 22.8% $32,292 114.3% $51,892 33.4%
Arts, Entertainment & Recreation $62,016 $63,986 -3.1% $55,939 10.9% $61,730 0.5%
Construction $69,196 $69,650 -0.7% $58,314 18.7% $67,522 2.5%
Educational Services $63,536 $52,569 20.9% $44,094 44.1% $49,996 27.1%
Finance & Insurance $511,440 $260,986 96.0% $208,907 144.8% $266,084 92.2%
Government $62,784 $56,960 10.2% $51,730 21.4% $54,688 14.8%
Health Care & Social Assistance $46,388 $47,226 -1.8% $41,759 11.1% $45,712 1.5%
Information $153,196 $107,815 42.1% $93,002 64.7% $103,569 47.9%
Management of Companies & Enterprises $251,060 $186,681 34.5% $157,398 59.5% $173,013 45.1%
Manufacturing $55,840 $53,449 4.5% $48,316 15.6% $52,490 6.4%
Mining, Quarrying & Oil/Gas Extraction $222,216 $150,855 47.3% $115,834 91.8% $134,840 64.8%
Professional, Scientific & Technical Services $129,812 $109,512 18.5% $94,057 38.0% $105,108 23.5%
Real Estate $84,404 $60,650 39.2% $53,159 58.8% $60,752 38.9%
Retail Trade $38,160 $34,673 10.1% $32,715 16.6% $34,961 9.2%
Transportation & Warehousing $54,048 $48,341 11.8% $42,754 26.4% $46,914 15.2%
Wholesale Trade $85,616 $78,069 9.7% $68,428 25.1% $75,306 13.7%
Other Services (Except Public Administration) $46,720 $44,311 5.4% $36,593 27.7% $41,952 11.4%
Unclassified $38,740 $41,408 -6.4% $32,861 17.9% $35,017 10.6%
New York Department of Labor
Industries
Time Period
13. Historical Monthly Consumer Price Index (CPI) in New York-Northern New Jersey-Long Island
• 261.887: CPI in September 2015
• 213.363: 20-Year (1995 to 2015) average monthly CPI
• 242.771: 10-Year (2005 to 2015) average monthly CPI
• 0.5%: 10-Year (2005 to 2015) average monthly change in CPI
Bureau of Labor Statistics
Consumer Price Index is at a current level of 261.89, up from 261.35 last month and up from
261.07 one year ago. This is a change of 0.21% from last month and 0.31% from one year ago.
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
0
50
100
150
200
250
300
Oct-05
Feb-06
Jun-06
Oct-06
Feb-07
Jun-07
Oct-07
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Consumer Price Index | New York-Northern New Jersey-Long Island
CPI Quarterly % Change
15. National Gross Domestic Product (Real GDP)
Adjusted For Inflation: Chained (2009) Dollars
GDP figures for the third quarter were not released while compiling this report.
• $16,333.6 Billion: Q2 Gross Domestric Product
• $13,680.1 Billion: 20-Year National GDP Quarterly Average
• $15,102.8 Billion: 10-Year National GDP Quarterly Average
• 3.9%: Q2 Real Gross Domestic Product Percent Change
• 2.5%: 20-Year Average Quarterly Change in Real National GDP
• 1.5%: 10-Year Average Quarterly Change in Real National GDP
Bureau of Economic Analysis
US Monthly Real GDP is at a current level of 16.35T (August 2015), down from 16.38T the prior
month. This represents a monthly annualized growth rate of -1.83%, compared to a long term
average annualized growth rate of 2.49%. The increase in real GDP in the second quarter primarily
reflected positive contributions from PCE, exports, nonresidential fixed investment, state and local
government spending, and residential fixed investment. Imports, which are a subtraction in the
calculation of GDP, increased. Real GDP increased 3.9 percent in the second quarter, after
increasing 0.6 percent in the first.
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
13,000.0
13,500.0
14,000.0
14,500.0
15,000.0
15,500.0
16,000.0
16,500.0
2005q3
2005q4
2006q1
2006q2
2006q3
2006q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
2008q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4
2011q1
2011q2
2011q3
2011q4
2012q1
2012q2
2012q3
2012q4
2013q1
2013q2
2013q3
2013q4
2014q1
2014q2
2014q3
2014q4
2015q1
2015q2
$(Billions)
National Gross Domestic Product
GDP % Change in GDP
16. New York City Coincident Economic Indicators (CEI)
• 209.71: CEI in September 2015
• 169.44: Ten Year Average
• 42.36%: Ten Year Growth
• 31.04%: Five Year Growth
Federal Reserve Bank of New York
A coindicent index is a single summary statistic that tracks the current state of the economy. The index is computed from a number of data series that move systematically with overall economic
conditions. A rise in the index indicates an expansion of economic activity and a decline in the index indicates a contraction in economic activity. Index is computed using data on employment, real
earnings, the unemployment rate and average weekly hours worked in manufacturing.
In September, the New York City Index of Coincident Economic Indicators (CEI) increased at an
annual rate of 4.2%, following a 4.7% increase in August. The index has risen 5.6% over the past
12 months.
169.44 (NYC-CEI) 10-Year
Average
0
50
100
150
200
250
10/1/2005
2/1/2006
6/1/2006
10/1/2006
2/1/2007
6/1/2007
10/1/2007
2/1/2008
6/1/2008
10/1/2008
2/1/2009
6/1/2009
10/1/2009
2/1/2010
6/1/2010
10/1/2010
2/1/2011
6/1/2011
10/1/2011
2/1/2012
6/1/2012
10/1/2012
2/1/2013
6/1/2013
10/1/2013
2/1/2014
6/1/2014
10/1/2014
2/1/2015
New York City Coincident Economic Indicator
New York City 10-Year Average New York New Jersey
17. Monthly National Housing Starts
• 1,206,000: September 2015 Seasonally Adjusted Annual Rate of Housing Starts
• 1,333,000: 20-Year Average
• 986,000: 10-Year Average
U.S. Census Bureau
Housing starts reflect a seasonally adjusted annual rate. Seasonal adjustment is the process of estimating and removing seasonal effects from a time series to better reveal certain non-seasonal
features such as underlying trends and business cycles. The seasonally adjusted annual rate is the seasonally adjusted monthly value multiplied by 12. The benefit of the annual rate is that not only
can one monthly estimate be compared with another, monthly data can also be compared with an annual total. The seasonally adjusted annual rate is neither a forecast nor a projection; rather, it is
a description of the rate of housing starts in the particular month for which they are calculated.
US Housing Starts is at a current level of 1.206M, up from 1.132M last
month and up from 1.026M one year ago. This is a change of 6.54% from
last month and 17.54% from one year ago.
986
0
500
1,000
1,500
2,000
2,500
Oct2005
Feb2006
Jun2006
Oct2006
Feb2007
Jun2007
Oct2007
Feb2008
Jun2008
Oct2008
Feb2009
Jun2009
Oct2009
Feb2010
Jun2010
Oct2010
Feb2011
Jun2011
Oct2011
Feb2012
Jun2012
Oct2012
Feb2013
Jun2013
Oct2013
Feb2014
Jun2014
Oct2014
Feb2015
Jun2015
Thousands
National Housing Starts
Housing Starts 10-Year Average
18. National Auto Sales
Light Vehicle Total - Seasonally Adjusted at Annual Rates (Millions)
• 18.1 Million: September 2015 U.S. Auto Sales
• 15.4 Million: 20-Year average monthly auto sales
• 14.4 Million: 10-Year average monthly auto sales
Bureau of Economic Analysis
14.4 - 10-Year Average
0.0
5.0
10.0
15.0
20.0
25.0
Jul-05
Nov-05
Mar-06
Jul-06
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
Jul-15
Millions
National Auto Sales
Sales 10-Year Avg.
19. National Corporate Profits
Profits From Current Production
Third Quarter Numbers Currently Not Released
• $2,083 Billion: Second Quarter 2015 corporate profits from production
• $1,731.2 Billion: 10-Year quarterly average corporate profits from production
Bureau of Economic Analysis
Profits from current production and capital consumption adjustment increased $70.4 billion in the second quarter, in contrast to a decrease of $123.0 billion in the first.
$1,731.2 Billion
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
Billions
National Corporate Profits
Profit 10-Year Average
20. Thomson Reuters University of Michigan Index of Consumer Sentiment
• 87.2: September 2015 Consumer Sentiment Index
• 90.8: Third Quarter 2015 Consumer Sentiment Index
• 77.3: 10-Year Average Consumer Sentiment Index
University of Michigan
The Survey of Consumers is a rotating panel survey based on a nationally representative sample that gives each household in the coterminous U.S. an
equal probability of being selected. Interviews are conducted throughout the month by telephone. The survey assesses near-time consumer attitudes on
the business climate, personal finance, and spending, promotes an understanding of, and to forecast changes in, the national economy, provides a means
of incorporating empirical measures of consumer expectations into models of spending and saving behavior, gauges the economic expectations and
probable future spending behavior of the consumer, judges the consumer's level of optimism/pessimism.
The CSI is a key indicator that gauges the average US consumer's confidence level. This is an important indicator
for retailers, economists, and investors. The Sentiment Index was 87.2 in the September 2015 survey, down from
91.9 in August, but above last September’s 84.6. Stronger CSI also indicates improving incomes and positive
prospects for the economy, stimulating a strengthening US dollar, and in turn makes gold less attractive.
77.3 ICS 10-Year Average
0.0
20.0
40.0
60.0
80.0
100.0
120.0
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Thomson Reuters University of Michigan Index of Consumer Sentiment
Index 10-Year Average
21. New York Focused REIT Stock Prices
Year-Over-Year
Close price adjusted for dividends and splits.
New York Stock Exchange and Yahoo! Finance
• SL Green Realty increased 99% in stock value over a ten year span. September's adjusted closing was $108.95.
• Boston Properties increased 156% in stock value over a ten year span. September's adjusted closing was $117.47.
• Equity Residential increased 187% in stock value over a ten year span. September's adjusted closing was $73.55.
• Vornado Realty Trust increased 70% in stock value over a ten year span. September's adjusted closing was $90.63.
• AvalonBay Communities increased 194% in stock value over a ten year span. September's adjusted closing was $172.81
$-
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Real Estate Investment Trusts | Year-Over-Year (September)
SL Green Realty Boston Properties Equity Residential Vornado Realty Trust AvalonBay
22. Interest Rates
Daily Treasury Yield Curve Rates
• Rate on Sept. 30, 2015: 0.33% • Rate on Sept. 30, 2015: 1.37% • Rate on Sept. 30, 2015: 2.06% • Rate on Sept. 30, 2015: 2.87%
• 10-Year Average: 1.39% • 10-Year Average: 2.34% • 10-Year Average: 3.17% • 10-Year Average: 3.91%
U.S. Department of Treasury
One-Year Treasury Five-Year Treasury Ten-Year Treasury Thirty-Year Treasury
30-Year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives
to a 30-year rate. Historical trend reflects discontinued time frame as an estimation.
0
1
2
3
4
5
6
10/3/2005 10/3/2006 10/3/2007 10/3/2008 10/3/2009 10/3/2010 10/3/2011 10/3/2012 10/3/2013 10/3/2014
Treasury Rates
One-Year Treasury Five-Year Treasury Ten-Year Treasury Thirty-Year Treasury
25. Asking Rent Overview (Average)
Overall: Direct and Sublease
3Q15 2Q15
% Change
Q-to-Q
Q-to-Q
Trend
3Q14
% Change
Y-to-Y
Y-to-Y
Trend
Overall Asking Rent
Manhattan $61.27 $59.78 2.5% $57.13 7.2%
Midtown $67.34 $66.14 1.8% $64.27 4.8%
Midtown South $65.27 $63.11 3.4% $60.07 8.7%
Downtown $49.15 $49.54 -0.8% $45.96 6.9%
Asking Rent by Class (Manhattan)
Class A $61.22 $60.35 1.4% $59.32 3.2%
Class B $62.52 $60.34 3.6% $54.13 4.0%
Class C $57.55 $54.85 4.9% $50.70 13.5%
Strengthening Market Flat Market Weakening Market
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal
to or over 100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page
is to provide a quick snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were
implemented Q1 2015. Statistics on this page will reflect full Lee & Associates metrics in Q1 2016. Please reference the latest Lee
& Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.
26. Historical Manhattan Vacancy and Availability
3Q15: Vacancy Availability
8.0% 10.6%
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
8.2%
11.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Manhattan Vacancy and Availability
Vacancy Availability 5-Year Vacancy Avg. 5-Year Availability Avg.
27. Historical Availability: Market Comparison II
2Q15: Midtown Midtown South Downtown
11.0% 8.7% 12.1%
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
12.1%
9.7%
14.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Historical Availability
Midtown Midtown South Downtown 5Y Midtown Avg. 5Y Midtown South Avg. 5Y Downtown Avg.
28. Historical Vacancy: Market Comparison
3Q15: Midtown Midtown South Downtown
7.8% 5.9% 11.0%
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
8.4%
6.5%
10.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Historical Vacancy
Midtown Midtown South Downtown
5-Year Midtown Avg. 5-Year Mid. South Avg. 5-Year Downtown Avg.
29. Historical Class Availability Comparison
2Q15: Class A Class B Class C
11.2% 9.7% 7.8%
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
12.8%
10.4%
7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Historical Property Class Availability
Class A Class B Class C 5Y Class A Avg. 5Y Class B Avg. 5Y Class C Avg.
30. Yearly Historical Available Supply: Direct vs Sublease
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
30.89 28.34
33.55
43.52 46.00 47.84 47.39 48.48
43.76 43.60
8.31
7.66
8.88
15.09 12.11 9.67 10.24 9.18
7.90 7.12
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 to Date
MillionsSF
Direct vs Sublease | Yearly Historical
Direct Sublease
31. Historical Manhattan Asking Rents
3Q Direct Sublease Overall
2015 61.44$ 50.54$ 61.27$
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal to or over
100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page is to provide a quick
snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were implemented Q1 2015. Please reference
the latest Lee & Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.
$53.56
$47.49
$52.92
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
4Q2005 3Q2006 2Q2007 1Q2008 4Q2008 3Q2009 2Q2010 1Q2011 4Q2011 3Q2012 2Q2013 1Q2014 4Q2014 3Q2015
Historical Manhattan Asking Rents
Direct Sublet Overall 10-Year Direct Avg. 10-Year Sublet Avg. 10-Year Overall Avg.
32. Historical Overall Asking Rents: Market Comparison
3Q Midtown Midtown South Downtown
2015 $67.34 $65.27 $49.15
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal to or over
100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page is to provide a quick
snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were implemented Q1 2015. Please reference
the latest Lee & Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.
$66.11
$46.61
$43.34
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Historical Overall Asking Rents | Market Comparison
Midtown Midtown South Downtown
10-Year Midtown Avg. 10-Year Mid. South Avg. 10-Year Downtown Avg.
33. Historical Overall Asking Rents: Class Comparison
3Q Class A Class B Class C
2015 $61.22 $62.52 $57.55
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal to or over
100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page is to provide a quick
snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were implemented Q1 2015. Please reference
the latest Lee & Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.
$59.03
$45.63
$38.80
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Historical Overall Asking Rents | Class Comparison
Class A Class B Class C 10-Year Class A Avg. 10-Year Class B Avg. 10-Year Class C Avg.
34.
35. Manhattan 10-Year Quarterly Net Absorption
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
(4,000,000)
(3,000,000)
(2,000,000)
(1,000,000)
0
1,000,000
2,000,000
3,000,000
4,000,000
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Manhattan Net Absorption
Net Absorption 10-Year Average
352,306
Ten Year Average
36. Manhattan 10-Year Quarterly Leasing Activity
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
8,813,144 Ten-Year Average
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
SquareFeet
Quarterly Leasing Activity
Leasing Activity 10-Year Average
37. CoStar and Lee & Associates
Lee & Associates (New York) | JLL (National)
$73.28
$66.80
$41.68
$36.53
$35.27
$33.98
$33.70
$33.17
$32.59
$31.80
$30.83
$29.91
$29.82
$29.52
$29.28
$28.59
$28.21
$26.33
$25.63
$25.21
$25.16
$24.27
$24.08
$23.93
$23.75
$22.94
$22.63
$22.49
$22.43
$22.42
$22.32
$22.26
$22.03
$21.01
$20.62
$20.52
$20.36
$19.68
$- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00
New York
San Francisco
Silicon Valley
Washington D.C.
Los Angeles
Miami
Seattle
Boston
Austin
Fairfield County (CT)
Oakland
Chicago
West Palm Beach
San Diego
Houston
Orange County (CA)
Ft. Lauderdale
Long Island
Minneapolis
Denver
New Jersey
Westchester County (NY)
Portland
Dallas
Philadelphia
Charlotte
San Antonio
Phoenix
Sacramento
Baltimore
Atlanta
Pittsburgh
Tampa Bay
Nashville
Raleigh-Durham
Orlando
Salt Lake City
St. Louis
Q3 2015 Class A Average Office Rates
38. Lee & Associates NYC
600 Madison Avenue, Third Floor
New York, NY 10022
www.leeassociatesnyc.com
James Wacht
President
212.776.1202
jwacht@lee-associates.com
Henry Abramov
Research Manager
212.776.1273
habramov@lee-associates.com
Lee & Associates NYC | Real Estate Economics Metrics Tracker | Third Quarter 2015