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C&W Outlook Shows Office Leasing Up 68%

NEW YORK CITY-Experts contribute the increase in leasing activity as cause for decline in Downtown Manhattan vacancy rate.

By Natalie Dolce | Updated on July 11, 2007

NEW YORK CITY-Cushman & Wakefield Inc. released its midyear report yesterday morning at its midyear real estate market analysis and outlook breakfast in Midtown, showing a surge in demand for office space in Downtown Manhattan.

At the end of June, Downtown Manhattan’s vacancy rate declined to 6.7%, an unprecedented drop from 11.2% this time last year, noted Kenneth McCarthy, managing director for New York area research for Cushman & Wakefield.

Commercial real estate experts attributed the decline to a 68% increase in leasing activity Downtown in the first six months of 2007, for a total of 2.2 million sf, according to Joseph Harbert, Cushman & Wakefield’s COO of the New York Metro Region. “This is one of the largest declines in vacancy we’ve recorded in recent history,” he noted. “For a market recording a double-digit vacancy just 12 months ago to now be resting under equilibrium is quite remarkable.”

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