Certainly, June results suggested such an uptick, with both CBREand Cushman & Wakefield reporting a dramatic jump over theprevious month. CBRE reported June leasing activity throughoutManhattan of 1.47 million square feet, compared to 980,000 squarefeet in May; C&W puts the tally at 1.7 million square feet,surpassing May and June totals combined.

However, both firms also cautioned that it remains to be seenwhether this signals a trend, and Myers observed that year-to-dateleasing suggests that 2009 will go down as the weakest 12-monthperiod since CBRE has kept track. CBRE says 5.9 million square feethas been leased YTD; Cushman says it's 6.3 million.

Either figure, though, is way off from historical averages, andMyers observed "that's a lot of ground to make up" in the last sixmonths of the year. VP Peter Turchin said the last few months ofthe year will be the ones to watch for leasing velocity, followingthe mid-summer doldrums.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.