Search
 

Leasing Volume Starts the Year Right

NEW YORK CITY-January's strong leasing velocity was accompanied by further evidence of a stabilizing market, according to new reports.

By Paul Bubny | Updated on February 21, 2010

NEW YORK CITY-Manhattan’s office leasing market started off the year in much better shape than it had done 12 months previously, with CB Richard Ellis putting overall monthly volume at 1.94 million square feet, compared to 920,000 square feet in January 2009. Among other things, that meant a 20-basis point decline in the overall vacancy rate despite an inventory increase of 3.2 million square feet, according to Cassidy Turley.

Nearly one-third of that added inventory was brand-new space: SJP Properties’ 11 Times Square, counted in the tally by Cassidy Turley (formerly Colliers ABR) for the first time. At the moment, the speculative office property is 100% vacant although published reports suggest that could change by the time the tower comes on line later this year. Another newly added property, the new Goldman Sachs headquarters at 200 West St., is counted as 100% occupied. With these new properties in the mix, Manhattan’s total office inventory is 449.1 million square feet.

Although figures may vary by company due to differing measurement methodologies, the consensus view of reports by CBRE, Cassidy Turley and Jones Lang LaSalle is that Manhattan’s vacancy rate did decline month-over-month in January. CBRE’s figures show a 10-basis point drop from 9.8% in December ’09 to 9.7%, while Cassidy Turley says it was 13.5% in December and 13.3% last month. Coming in between those figures is JLL, which puts the island’s overall vacancy at 12.8%.

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.