Insignia's chief operating officer, Joseph R. Harbert, notes in a prepared statement that, "Although much of the activity is still comprised of mid-sized transactions--roughly 25,000 to 50,000 sf--we are beginning to see larger companies act on their real estate needs." He notes that there are approximately 40 companies now actively looking for 100,000 sf and above in Manhattan.

Midtown--Year-to-date, 6.76 million sf has been leased here, well below last year but down just slightly from the first half of 1999. Most of the leases signed in July were for between 10,000 sf to 50,000 sf. And although 940,000 sf of net space was added, the availability rate moved up only 0.5% to 6.9% for the month. The average asking rent is $61.18 per sf; last year its was $60.68 per sf.

Downtown--In July 2000, 350,000 sf were leased in this part of town; last month 610,000 sf were taken, led by the Financial District. For the year-to-date, however, the 3.25 million sf that has been leased is 47% below that of 2000. Compared to 1999, the comparison is more positive; 3.82 million sf of space was taken through June of that year. Total leasing outstripped the amount of new space that became available during July, with Downtown logging 270,000 sf of positive absorption for the month. Average asking rents fell $1 per sf to $46.12 per sf, but still 1% higher than in 2000.