NEW YORK CITY-Despite a recent dip in vacancy rates, the overall outlook for leasing activity in downtown US urban markets remains stable, according to Cushman & Wakefield’s senior managing director of research, Maria T. Sicola. In fact, the firm is predicting an industry recovery by the end of this year.

“While the markets remain soft or stable at best, the leasing trends and slowdown in new deliveries and sublease space are positive signs for the future,” says Sicola.

C&W reported that total leasing activity was 17.6 million sf in 1Q 2003 for the 32 downtown markets studied, which is up from 13.1 million feet in the first quarter of ’02. Midtown Manhattan, Orange County, CA and Chicago enjoyed the largest amounts of leasing during the quarter.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.