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NYC Is on the Rebound: C&W Reports

NEW YORK CITY-At a breakfast held here yesterday, Cushman & Wakefield presented its latest real estate outlook for the city, suggesting that the worst may be over.

By Diana M. Rodriguez | Updated on February 13, 2003

NEW YORK CITY-Citing recent tourism victories here, such as the 2004 Republican National Convention and the bid for the 2012 Olympics Games, Cushman & Wakefield’s real estate experts project NYC may be “Poised for Recovery.” At least that was the theme of the firm’s Real Estate and Economic Forecast breakfast held here yesterday.

According to its latest numbers, overall the vacancy rate in Manhattan at the end of 2002 was 12%, compared to the last recession (1989-1992) when vacancies ranged from 16.8% to 18.5%. However, “ultimately we’re trying to get down to 8% or 9% vacancies,” explained Maria Sicola, senior managing director of C&W.

Sicola added that asking rents continued to hold their own in ’02, finishing the year at $42.96 per sf, an increase from the levels seen in 1998 and 1999. In addition, total leasing activity measured 20.8 million sf, a surge from 18.9 million sf in 2001.

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