X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Office leasing and investment sales year to date are up sharply across Manhattan, by 65.8% and 168%, respectively, Cushman & Wakefield said Tuesday in its third-quarter overview report. Similarly, Jones Lang LaSalle’s James Delmonte says in a release, “Manhattan is on target to end the year with positive absorption for the first time since 2007.” However, not everything’s trending upward: asking rents are continuing to decline, albeit more gradually, and here as elsewhere, more job growth will be needed to keep the momentum going long-term.

At 18.8 million square feet, 2010’s year-to-date office leasing volume in Manhattan is already ahead of the 2009 total of 16.3 million square feet. It’s even farther ahead of the ’09 YTD tally: 12.6 million square feet. During C&W’s quarterly media briefing Tuesday morning, Joseph Harbert, COO of the New York metro region, observed that the last time the market saw two consecutive quarters of more than six million square feet was in 2007.

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?

 

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
Live Chat

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