Search
 

Leasing Uptick Offers Ray of Hope

NEW YORK CITY-For the first time in more than a year, Midtown leasing exceeded one million square feet per month for two months' running, says CB Richard Ellis.

By Paul Bubny | Updated on August 10, 2009

NEW YORK CITY-Strong June leasing activity in Manhattan’s submarkets was followed by “a very robust” July, driven in large measure by “more palatable” asking rents, CB Richard Ellis’ Pamela Murphy said in a conference call Monday. The back-to-back Midtown tallies of one million square feet per month marked the first such occurrence since April and May of 2008, and suggested that tenants think the market bottom is close enough to make leasing decisions, CBRE says.

CBRE’s July monthly snapshot, released Monday, reported that overall activity for the month was 2.22 million square feet, compared to 1.65 million square feet a year ago. Midtown’s July tally of 1.58 million square feet marked the first time leasing there has exceeded the five-year monthly average of 1.3 million square feet since January ’08, according to CBRE.

Midtown and Downtown saw positive absorption for the first time in several months, and while Midtown South leasing did not exceed the five-year average, it came closer to par than it has thus far this year. Overall absorption improved from negative 460,000 square feet to positive 310,000 square feet, compared to the July ’08 total of negative 1.05 million square feet.

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.