NEW YORK CITY—Whether it's the East Side or West Side, Downtownis the place office tenants want to be. Yet, portions of the marketare considerably cheaper—and more available—than others, accordingto a new report from CBRE.
Lower Manhattan's popular office market has shown nearly equalleasing activity year-to-date on the east and west side ofBroadway, the research by CBRE Group, Inc. Global Research andConsulting shows. West of Broadway has seen 1.76 million squarefeet of office leasing, while East of Broadway has seen 1.75million square feet of activity.
Using a new analysis of Downtown, the report found that forlarge occupiers looking at that area, dividing the office marketalong Broadway between East of Broadway (EB) and West of Broadway(WB) provides a fresh perspective. Supply and demand indicates thatEB is particularly attractive to value-seeking tenants, while WBappeals to tenants who still want value compared to Midtown orMidtown South, and also prefer post-1980 space.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
