Market Update | MAY 02

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

May 02, 2024

01 PITCHBOOK has ranked the TOP start-up cities in the world. Development and growth scores are based on data related to deals, exits, fundraising and other factors from the last 6 years. San Francisco, New York, Beijing, Shanghai. and Los Angeles were the TOP 5. Other US cities in the TOP 20 were Boston, Washington DC, Seattle, San Diego, Austin and Denver.....45% in the US! Chicago, Salt Lake City, Philadelphia, Miami, Dallas and Atlanta fared well too.

02 "Two, one or zero cuts are on the table for this year, and even a hike does not have zero probability although it is unlikely, in our view. It all depends on how economic activity, the labor market and inflation behave in the following months."

– Brian Moynihan, CEO Bank of America

03 Money launderers surreptitiously introduce more than $2 trillion in proceeds from illegal enterprises to global financial systems every year, according to estimates.

(WSJ)

04 The high end of real estate markets in Manhattan are doing well.....in the office space area! Demand for premium office space in Manhattan keeps increasing and rents are climbing to around $200/sf! The availability rate for better buildings in Midtown is 8.5%, while 4 years ago it was 15%. Overall, the Midtown availability is 16.6% but without sublets is 13% on a direct basis. The average trophy rent is $143/sf with the rest of Midtown averaging $83/sf. Ken Griffin of Citadel and partners the Rudin’s and Vornado have started construction a 62-storey mega tower on Park Avenue. Not unlike residential, premium prices/demand are focused on prime locations, new construction, fully renovated buildings and buildings with extreme amenities!

(NY Post)