X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Office leasing activity rose during year over year, Cushman & Wakefield said Thursday in a new report, and not just in Manhattan. While two of the island’s three submarkets saw vacancy declines in the third quarter—the third, Downtown, saw an uptick due to large blocks of space from just a handful of properties, vacancies that had been widely expected—so did a total of 15 of the 30 CBDs tracked by C&W, and a total of 18 saw YOY increases in leasing volume.

However, while leasing volume rose and vacancies fell, asking rents remained largely static, although a few markets recorded modest quarterly gains. It’s fair to see a correlation between the vigorous traffic and the lack of significant price increases, Maria Sicola, executive managing director and head of Americas research for C&W, tells GlobeSt.com.

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.