NEW YORK CITY—The city's commercial real estate market is sosolid right now, there's room to grow in rents and absorption inall three submarkets. This is among the findings in Cushman &Wakefield's mid-year report, revealed Wednesday during a pressbriefing in Midtown.
New leasing activity thus far in 2014 has reached 16.7 millionsquare feet, an increase of 35% year-over-year, the report states.The mid-year total follows a first quarter total of 9.4 millionsquare feet, the highest first quarter leasing level ever recordedby the firm.
“The start of 2014 is as robust as was the end of 2013,” saidRon Lo Russo, president, New York tri-state region. Large deals aredriving the market,” he notes. “These large transactionscontributed to the nearly 5.1 million square feet of year-to-datepositive overall absorption in Manhattan. That's nearly a 240%increase over last year's total of negative 3.6 million square feetfor the full year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
