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2012: Downtown Will Draw More Midtown Tenants

NEW YORK CITY-A new crop of companies will join the ranks of Conde Nast and WilmerHale next year, CBRE’s Travis Yuengst tells GlobeSt.com’s Jacqueline Hlavenka.

By Jacqueline Hlavenka | Updated on December 14, 2011

NEW YORK CITY-While Manhattan posted a total of 2.13 million square feet of leasing activity in November alone, much of that deal velocity is happening below 42nd Street. According to data from CBRE’s December 2011 MarketView Snapshot report, Midtown South topped its five-year average for the month of November—and the trend is expected to continue into the new year.

“Obviously our market is contingent upon the economy, so as long as that continues to do somewhat well, we should have a relatively good year,” Travis Yuengst, manager of New York research services at CBRE, tells GlobeSt.com. “It is difficult to forecast demand, but Downtown will definitely attract more Midtown tenants.” Yuengst adds that, for the month of November, Downtown was slightly below—at 21%—but that the area was doing well on a year-to-date basis.

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