NEW YORK CITY—CBRE Group Inc. reports that the Manhattan office and retail markets showed continued strength in the third quarter. Leasing activity increased in the Midtown, Midtown South and Downtown office markets, while the city’s retail sector saw a number of major department stores announce their planned entrance into the Manhattan marketplace.

“We are seeing a remarkable and broad-based improvement in the Manhattan market,” says Peter Turchin, vice chairman, CBRE. “This improvement is no longer isolated to just Midtown South, but is equally strong in Midtown and Downtown.” CBRE’s analysis of Manhattan’s 18 submarkets showed that 13 of 18 had positive absorption year-to-date, with the three negative-absorption submarkets solely due to the addition of new blocks of space.

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