Search
 

C&W Sees Light at the End of the Tunnel

NEW YORK CITY-Fallout from the recession hasn't been as bad for Manhattan as many had predicted, although office vacancy could still exceed 14%.

By Paul Bubny | Updated on July 14, 2009

NEW YORK CITY-While it’s too soon to talk about a rebound in the Manhattan commercial market, there are signs that the rate of decline is slowing, Cushman & Wakefield said in a report released Tuesday. Additionally, the market has held its ground as the fallout from the recession hasn’t been as damaging as many had feared, says C&W. “For the first time in almost a year, there appears to be a light at the end of the tunnel,” the report states.

Among the biggest surprises of the current downturn, said C&W’s Ken McCarthy said at a media briefing Tuesday morning, is that the rate of job loss in Manhattan has been lower than the national rate. Locally, it’s 3% compared to 4.7% nationally, despite the fact that much of the job loss here has come from the financial services sector.

McCarthy, managing director of research for the New York metro region, cited some reasons for Manhattan’s comparatively good showing. They included: a smaller base of financial sector jobs locally than there were in the early 1990s, an infusion of TARP funds that may have kept layoffs in check and the city’s relatively small manufacturing sector. Nationally, manufacturing companies have produced about 30% of the job losses, more than any other sector.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.