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Leasing Remains Stable in Urban Downtowns: C&W Report

NEW YORK CITY-While vacancy rates in US downtown office markets increased from 14.8% in the fourth quarter of 2002 to 15.2% in the first quarter of 2003, Cushman & Wakefield's industry forecast is still calling for a recovery later this year.

By Diana M. Rodriguez | Updated on April 15, 2003

NEW YORK CITY-Despite a recent dip in vacancy rates, the overall outlook for leasing activity in downtown US urban markets remains stable, according to Cushman & Wakefield’s senior managing director of research, Maria T. Sicola. In fact, the firm is predicting an industry recovery by the end of this year.

“While the markets remain soft or stable at best, the leasing trends and slowdown in new deliveries and sublease space are positive signs for the future,” says Sicola.

C&W reported that total leasing activity was 17.6 million sf in 1Q 2003 for the 32 downtown markets studied, which is up from 13.1 million feet in the first quarter of ’02. Midtown Manhattan, Orange County, CA and Chicago enjoyed the largest amounts of leasing during the quarter.

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