During the conference call, Turchin noted that two of the month's notable leasing transactions occurred in the burgeoning life sciences sector: Genzyme's 98,000-square-foot renewal at 521-33 W. 57th St. and ImClone signing a 91,000-square-foot lease to become the first tenant at the East River Science Park. Whether these deals will be followed by similar ones anytime soon is an open question, but Turchin said the sector is being targeted as a growth area.

Studley's second-quarter report, also released Monday, provided more evidence of renewed activity while also sounding a note of caution. The report noted that Manhattan leasing activity rose from a 20-year low of 3.2 million square feet in the first quarter of 2009 to 4.5 million square feet in Q2, although still 38% below the historical quarterly average of 7.2 million square feet.

Sublet space, which went from 6.3 million square feet in mid-January '08 to 17.8 million square feet in June of this year, hit a plateau in May and June. Meanwhile, the rate of new sublet space coming into the market slowed from nearly 900,000 per month at its peak to about 525,000 square feet in May and June. However, "tenants still have a deep pool of quality sublet space from which to choose," according to a release.

"These are all good signs," says Steven Coutts, Studley's SVP for national research services, in a release. "But lest we put the cart before the horse, it's essential to monitor what happens over the next several months to determine if the second quarter of 2009 marked a turning point in the recession or if it was simply a pause in what is yet to come. Earnings and employment numbers over the next several months will remain critical benchmarks."