Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Federal Reserve said Wednesday in its latest Beige Book that the tristate region’s economy has strengthened further since its last report in mid-April, noting particularly that commercial real estate activity in the New York City metro area has picked up lately. The Fed’s report comes as CB Richard Ellis says Manhattan’s leasing volume during May spiked by more than one million square feet over the previous month.

“Leasing activity, which was very depressed throughout most of 2009, has picked up noticeably since the beginning of this year and is now back up to ‘normal’ levels,” according to the Fed.  It notes that much of the recent pickup has come from legal firms “and, to a lesser extent, from business services, media, and government agencies. In contrast, there has been a dearth of new leasing by financial firms.”

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



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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.