April 2011 Market Report


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April 2011 Market Report Office Average Vacancy Rates Midtown Class A Midtown Class B

Mar-11 11.6% 15.2%

Feb-11 11.7% 14..5%

Mar-10 13.9% 14.5%

Midtown South Class A Midtown South Class B

7.3% 11.9%

7.5% 12.0%

11.2% 14.5%

Downtown Class A Downtown Class B

11.3% 15.6%

11.3% 15.7%

10.3% 15.6%

Average Asking Rent (PSF)

Midtown Class A

Mar-11 $66.18

Feb-11 $65.94

Mar-10 $67.45

Midtown Class B

$42.51

$42.59

$43.16

Midtown South Class A Midtown South Class B

$47.71 $39.64

$48.36 $39.74

$50.94 $40.13

Downtown Class A Downtown Class B

$42.25 $33.02

$42.11 $33.07

$43.88 $33.86

Source: Cassidy Turley

DJIA vs. NYC Unemployment 11.0%

12500 11500 9.0% 10500 8.0%

9500

7.0%

8500

6.0%

7500

5.0%

6500 Mar- Apr- May- Jun- Jul-10 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar10 10 10 10 10 10 10 10 10 11 11 11

DJIA

Source: NYS Department of Labor Source: NYC Office of Management and Budget

NYC Unemployment

DJIA

NYC Unemployment

10.0%

Economic Indicators

60%

Dow Jones(^DJI) % Change & Montly Close 14,500

50%

13,500

40%

12,500

30%

11,500

20%

10,500

10%

9,500

0%

8,500

-10%

7,500

-20% Mar-10

6,500 Apr-10 May-10

Jun-10

Jul-10

Aug-10

Sep-10

Dow Jones (^DJI) % Change

Oct-10

Nov-10 Dec-10

Jan-11

Feb-11 Mar-11

Dow Jones (^DJI) Close

Nasdaq(^IXIC) % Change & Monthly Close 3000

70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% Mar-10

2750 2500 2250 2000 1750 1500 Apr-10 May-10

Jun-10

Jul-10

Aug-10

Nasdaq (^IXIC) % Change

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11 Mar-11

Nasdaq (^IXIC) Close

S&P 500(^GSPC) % Change & Monthly Close 20% 1,500

15% 10%

1,400

5% 1,300

0% -5%

1,200

-10% 1,100

-15% -20%

1,000

-25% -30%

900

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 S&P 500 (^GSPC) % Change Source: NYC Office of Management and Budget

S&P 500 (^GSPC) Close

(In Thousands,

Foreign Exchange Rate USD to CAD Euro to USD Pound to USD USD to Peso USD to Yen

3/25/11 0.98

2/25/11 0.98

3/26/10 1.03

1.41 1.62 12.06 81.14

1.38 1.61 12.13 81.76

1.34 1.49 12.54 92.56

Source: Federal Reserve Bank of NY

Prime Rate

March-11 3.25%

February-11 3.25%

March-10 3.25%

Source: New York Federal Reserve Bank

Consumer Price Index (1982-84 = 100) March-11

February-11

March-10

245.617

243.832

240.101

Change To Mar-11 From: Feb-11 0.73%

Mar-10 2.30%

Source: Bureau of Labor Statistics

Employment For New York City (In Thousands, Not Seasonally Adjusted)

Total Financial Activities Services Wholesale Trade Retail Trade Government Construction Manufacturing Transportation & Utilities Unemployment Rate Source: NYS Department of Labor

Mar-11 3,711.2

Feb-11 3,687.4

Mar-10 3,675.2

433.1

433.6

424.0

1,672.4 138.6 300.9

1,661.0 137.9 297.2

1,634.5 136.0 293.6

547.0 103.2 74.0 118.1 8.4%

546.0 98.7 73.6 116.4 9.2%

560.4 110.0 76.4 118.3 10.0%

Housing Mortgage Rates NYC Week Ending 3/25/11 Week Ending 2/25/11 Week Ending 3/26/10

15 Yr

30 Yr

1 Yr Adj.

4.50% 4.61% 4.80%

5.16% 5.24% 5.35%

4.06% 4.06% 4.49%

Source: HSH Associates

Monthly Housing Permits Issued

2011 January February March

BX 95 108 2

BK 134 127 30

MN 21 31 94

QN 173 15 223

SI 42 12 34

NYC To Month 465 293 383

NYC to Date 465 758 1,141

2010 Total to Date

205

291

146

411

88

1,141

1,141

Month

2010 January

BX 8

BK 47

MN 0

QN 57

SI 141

NYC To Month 253

NYC to Date 253

February March April May

35 13 37 18

46 82 17 238

0 326 65 89

96 96 58 166

33 25 40 41

210 542 217 552

463 1,005 1,222 1,774

June

435

612

12

388

40

1,487

3,261

July August September October November

140 85 6 7 85

68 119 59 74 48

0 0 176 5 0

130 165 99 457 59

36 23 24 43 30

374 392 364 586 222

3,635 4,027 4,391 4,977 5,199

December

195

683

199

587

32

1,696

6,895

2010 Total to Date

1,064

2,093

872

2,358

508

6,895

6,895

Jan - Mar 2010 Jan - Mar 2011 Percent Change

Bronx 56 205 266%

Brooklyn 175 291 66%

Month

Year To Date Comparison

Source: U.S. Census Bureau Monthly and Annual Totals are reported separately by the U.S. Census Bureau

Manhattan 326 146 -55%

Queens 249 411 65%

Staten Island 199 88 -56%

NYC Total to Date 1,005 1,141 14%