X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Gabrielle McMillan Gabrielle McMillan, CEO of Equiem

NEW YORK CITY—A recent report from Cushman & Wakefield revealed that Manhattan office leasing activity soared to the highest level in four years in the third quarter of this year, with 9.6 million square feet of space transacted. Reflective of the buoyancy of the local employment market which increased by 53,000 jobs last year, the stats indicate that 2018 is a good time to own office space in New York City.

But dig a little deeper and what’s clear is that those numbers only tell half the story. Despite the strong leasing activity, vacancy actually increased in Q3 as total available space reached the highest quarterly level in four years. Yes, demand is high, but with even more office space hitting the market this quarter, so is supply, and whilst some landlords are enjoying the good times, others are struggling to make hay while the sun shines.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.