NEW YORK CITY-Likening the New York office sector’s recovery toa steady drive down the gridiron, Cassidy Turley’s newthird-quarter report nonetheless identifies the employment pictureas one of the obstacles on the way to the goalpost. Similarly, aseparate report from Colliers International notes “doubts about thestrength and longevity” of improving US fundamentals as Q3 ended,and both reports note that Manhattan’s fundamentals do not existentirely in a vacuum isolated from the rest of the country.

In common with Washington, DC New York has emerged from therecession “somewhat resilient,” due to its depth of buildinginventory, status as a global business center and strengtheningfundamentals, says the Cassidy Turley report, prepared by RobertSammons, VP of research, and research analyst Caylor Mark. Thattranslates into strong leasing performance across Manhattan's threesubmarkets.

Nonetheless, the report adds, “uncertainty in the form ofmidterm elections, government policy regarding financialinstitutions, shadow space and employment” all stand as potentialdisruptions to progress in the commercial market. As a result, “NewYork remains in position for a drawn-out recovery, but stillvulnerable to setbacks brought on by the political and economicarenas.”

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