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CBRE: Manhattan Tenants Took A Pause in Q1

NEW YORK CITY-While technology, legal, media and other professional services continue to expand in the borough, financial services have slowed in the first quarter. But not for long, said the brokerage firm’s Michael Geoghegan at a press briefing on Tuesday morning.

By Jacqueline Hlavenka | Updated on April 10, 2012

NEW YORK CITY-Economic uncertainty, the European debt crisis and high unemployment caused tenants to take a back seat in the first quarter, but sustained yet modest growth from professional service firms helped the Manhattan office market stay afloat. At a media briefing held by CBRE on Tuesday morning, the brokerage said overall leasing activity for Q1 2012 was 4.65 million square feet, down from last year’s 6.21 square feet – a sign that the market has slowed, but hasn’t tapered off.

Michael Geoghegan, vice chairman of consulting at CBRE, said many are taking a “wait-and-see” approach before signing a deal or moving to a new space due to the volatility in the marketplace. “In any case, we saw that tenants took a pause,” he said. 

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