NEW YORK CITY-Likening the New York office sector’s recovery to a steady drive down the gridiron, Cassidy Turley’s new third-quarter report nonetheless identifies the employment picture as one of the obstacles on the way to the goalpost. Similarly, a separate report from Colliers International notes “doubts about the strength and longevity” of improving US fundamentals as Q3 ended, and both reports note that Manhattan’s fundamentals do not exist entirely in a vacuum isolated from the rest of the country.

In common with Washington, DC New York has emerged from the recession “somewhat resilient,” due to its depth of building inventory, status as a global business center and strengthening fundamentals, says the Cassidy Turley report, prepared by Robert Sammons, VP of research, and research analyst Caylor Mark. That translates into strong leasing performance across Manhattan's three submarkets.

Nonetheless, the report adds, “uncertainty in the form of midterm elections, government policy regarding financial institutions, shadow space and employment” all stand as potential disruptions to progress in the commercial market. As a result, “New York remains in position for a drawn-out recovery, but still vulnerable to setbacks brought on by the political and economic arenas.”