X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-With 11.7 million square feet of space leased through Sept. 30, Midtown’s office market has already exceeded last year’s total, and is on pace to match not only 2008 but perhaps the 2007 total of 14 million square feet, as well, CB Richard Ellis said in its third-quarter report released Wednesday.

Midtown absorption, too, has turned positive by 4.4 million square feet year to date, compared to 6.9 million square feet of negative absorption during the first nine months of 2009. The availability rate has reached its lowest point since the beginning of 2009 at 13%. However, in Midtown and in the rest of Manhattan, rents remain pretty much in the same ballpark as a year ago, notwithstanding a 51.6% year-over-year gain in leasing volume across the three submarkets.

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.