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A Tale of Few Cities

NEW YORK CITY-Reading into the latest quarterly numbers, CB Richard Ellis is bullish on New York City, despite flagging employment numbers in the rest of the country.

By Ryan Clark | Updated on January 19, 2011

NEW YORK CITY-The recovery is happening in New York City, if it’s not quite happening everywhere else in the country, so says the panel at CB Richard Ellis’ Q4 Manhattan Market Research Media Breakfast. “It’s a tale of few cities,” explained Darcy Stacom, . The recovery, right now, is coastal with foreign money seeking investment in the gateway markets, particularly New York City. And as the stock market bounces back, the financial industry and accounting firms do as well, adding to the list of rate and absorption drivers here.

The morning’s panel consisted of Stacom, William Shanahan and Patrick Murphy, and was moderated by Matthew Van Buren. Van Buren indicated that the “big story” in his opinion was employment in the Big Apple. From December of 2009 to December of 2010, unemployment fell from 10.0% to 9.4%, which dropped the city below the national average. “Employment is not growing the way we’d like it, but it’s strong comparative to the rest of the country,” he noted. And while most of the year was moderate in terms of leasing, the fourth quarter was particularly strong.

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