NEW YORK CITY-Driven by job growth, strong leasing activity in Midtown could lead to a rebound for Lower Manhattan’s office market this year, Cushman & Wakefield’s New York Region COO Joseph R. Harbert explained at a press briefing on Tuesday morning. According to C&W’s first-quarter report, the Midtown market accounted for the majority of improvements in the market so far, with five million square feet in total leasing, despite a decrease from the 5.8-million square feet leased in Q4 2010. At the same time, as large tenants seek bargains and favorable deals, much leasing activity is now trending toward the Downtown market.

Harbert explained that Downtown experienced the largest increase in leasing as the city has committed to more than 600,000 square feet at 4 World Trade Center. Two large renewals at 2 World Financial Center also contributed to the recent upswing in the Downtown area.

Shortly after the presentation, Mayor Michael Bloomberg announced at a press conference that Silverstein Properties and the newest 7 World Trade Center tenant, law firm WilmerHale, signed a 210,000-square-foot lease agreement that allows tenants to share the costs of energy efficiencies. Luxury magazine publisher Cond