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Midtown Is Tops at Mid-Year Point

NEW YORK CITY-Second quarter leasing activity in Midtown accounted for 68% of all deals and totaled 1.9 million sf. And law firms continued to be a driving force; however, one industry executive expects financial services firms to reclaim the top spot by year's end.

By Barbara Jarvie | Updated on July 13, 2004

NEW YORK CITY-”Midtown is breaking away from the pack,” Ken Krasnow, executive managing director and head of Cushman & Wakefield’s New York offices, said while discussing the real estate services firm’s mid-year report. He said second quarter leasing activity in Midtown accounted for 68% of all activity, approximately 1.9 million sf of space. But it’s not just good news for that part of the city as the Downtown market is also on a pace to “eclipse 2003 leasing activities.”

When it comes to large transactions, 18 deals in excess of 100,000 sf were completed. That’s six more than were reported a year ago and three times the number at the 2002 mid-year point.

While law firms continue to be the dominant player in the current leasing market, taking 1.6 million sf to date this year, Krasnow said that there are a number of deals in the marketplace revolving around financial services firms. “I expect financial services to regain its rank as No. 1 in 2004. The latter half of 2004 could be even better.”

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