Big Ben and Big Apple: cities are peas in a pod.A report issued by GVA GVA general visceral afferent system of nerves. Worldwide contrasts the commercial real estate market environments of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London, and anticipates that both cities will continue to attract substantial global investment. The report is the product of a collaborative effort undertaken by the organization's New York-based partner, GVA Williams, and its London-based partner, GVA Grimley. "As one of the world's largest real estate organizations, GVA Worldwide helps our partners succeed by sharing information and sharing relationships," said Michael Corbett Michael Corbett can refer to any of the following people
The report finds that the London and New York markets have a number of similarities, including the overall composition of their respective office markets. Both cities have about eight million residents and are home to major concentrations of finance, legal services legal services n. the work performed by a lawyer for a client. and business service firms. Five of the top ten space users in each market--Morgan Stanley, JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. & Co., Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and Citigroup Limited--overlap. Also, market cycles and trends have generally run parallel in the two cities. Vacancy rates, rental growth and investment yields show similar historical trends. Both New York and London experienced rising rates early in the decade. By 2004, however, the availability rate for each city was in a sharp downward trend. In response to falling space availability and rising rents, office yields have continued to decline almost throughout the decade. The GVA Worldwide report also delineated contrasts. While both cities account for massive economic activity, New York City's volume--at $464 billion--was 30% greater than that of London. New York City's office inventory is 62% larger than that of London. At two and a half times the pace of London, leasing activity in New York is far more active on an annual basis. In contrast, asking rent in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. is running at approximately half the rate in London. And while New York attracts a higher percentage of private investors, London attracts a higher percentage of overseas investors. Looking ahead, with strong economic growth expected to continue, the report predicts that office markets are likely to tighten further in both cities. The GVA Worldwide study concludes that prime office rents in both cities will continue to perform strongly, and that both New York City and London will still rank high as venues for international investment. The full report is available on the GVA Worldwide web site at www.gvaworldwide.com/nylon.xml. |
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