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Leasing Shows More Evidence of Stability

NEW YORK CITY-February's volume across the three Manhattan submarkets was up from a year earlier, while vacancy rates and asking rents held steady.

By Paul Bubny | Updated on March 17, 2010

NEW YORK CITY-Manhattan’s office market showed further evidence of stabilizing in February, with modest if not spectacular leasing activity, minuscule changes in the vacancy rates for the three submarkets and asking rents that remained largely flat compared to January. That’s the consensus of monthly reports from CB Richard Ellis and Jones Lang LaSalle.

Midtown’s 860,000 square feet of leasing activity in February was short by 29% of the five-year monthly average of 1.21 million square feet, according to CBRE. However, year-to-date volume in Midtown is 2.23 million square feet, an 80% gain over the combined tallies for January and February 2009, which barely matched the average volume for a single month.

The submarket’s availability rate was unchanged from January at 14.8%, while vacancy rose one tenth of 1% to 10.5%, CBRE reports. For class A space, JLL says the vacancy rate moved slightly downward during February, finishing the month at 14.1%. The firm says this is evidence that “the market has clearly stabilized,” since class A vacancy levels have hovered between the current level and 14.7% since late last summer.

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