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Leasing Cools, But Still on Par

NEW YORK CITY--November's velocity was off slightly from the torrid summer months, but Midtown's vacancy rate has held steady

By Paul Bubny | Updated on December 11, 2009

NEW YORK CITY–Leasing volume in Midtown bounced back in November from its relative slump the month prior, says a CB Richard Ellis report. However, Colliers ABR uses the word “tepid” to describe the overall Manhattan leasing scene as the year draws to a close.

“There has absolutely been more tenant activity recently, yet despite that, the Manhattan class A vacancy rate climbed to 12.2% from 12.1% in October, now its highest since the 12.8% in April 1997,” says the Colliers report. Overall vacancy in Manhattan climbed 10 basis points to finish the month at 13.5%, its highest since the 13.6% in November 1996, Colliers says. Even so, CBRE reported that Midtown produced 1.19 million square feet in November, marking the fifth month in six that the submarket has registered more than one million square feet of leasing velocity.

Year to date, Midtown’s leasing velocity is 10.03 million square feet, off 12% from the YTD tally of 11.44 million square feet the year prior, according to CBRE. Its MarketView report for Midtown notes, however, that about 70% of that leasing volume has occurred from June onward.

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