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Office Fundamentals Continue Comeback

NEW YORK CITY-Monthly leasing activity in Manhattan has nearly doubled since the end of May, says a FirstService Williams report.

By Cody Lyon | Updated on October 01, 2009

NEW YORK CITY-The Manhattan office market showed signs of stabilization through the end of the third quarter backed by improving economic news, including a rebounding stock market and an increase in the New York City payroll employment, according to a report released Wednesday by FirstService Williams.

According to the report, monthly leasing activity has nearly doubled since the end of May. FSW says this held the overall availability rate in check at 13.4% between the second and third quarters.

The report says those developments suggest Manhattan’s office market is close to a bottom, assuming there are no additional hits to business confidence. While the overall availability rate was flat in Q3, asking rents fell sharply, declining by 8.5% during the quarter.

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