Commercial Real Estate Headlines for August 12, 2019

Check out the latest in deals and development in commercial real estate for Aug 12, 2019: Yardi Matrix Releases Bullish Report on Office Sector: Strong demand for U.S. office space and “a supply pipeline that shows no sign of slowing down” is boosting average asking rents and lowering vacancy rates, according to a new report from Yardi® Matrix. Average asking rates increased 1.7% over the six-month period ending in June 2019, matching office-using employment sectors' year-over-year growth rate that month. The national vacancy rate was 13.5% in June, 20 basis points below the previous month. The report documents 26.5 million square feet of office space delivered year-to-date and 174.7 million square feet currently under construction. Office sales totaled $38.8 billion through June and "the decline of the 10-year Treasury yield should continue to act as a catalyst for transactions," the report says. Half of all space under construction is in six top gateway markets—Manhattan, N.Y., San Francisco, Washington, D.C., Boston, Los Angeles and Chicago—and growing tech markets Seattle, the Bay Area and Austin, Texas. New York Times Signs 15-Year Lease in Long Island City: The New York Times Company has signed a 15-year lease for three full floors at Court Square Place in Long Island City, Queen, which encompasses 57,846 square feet. The Times has been expanding its workforce in recent years and now plans to relocate 350 employees from its headquarters building at 620 Eighth Ave. in Manhattan to the new location. The deal brings Court Square Place to 100% occupancy. Robert Mitchell of Byrnam Wood represented…