NEW YORK CITY-The Manhattan office leasing market is continuing in “wait-and-see” mode as large corporate users and others sit on the sidelines amid national and global uncertainty. “I want to use the title of Bruce Springsteen’s song ‘Waitin’ On A Sunny Day,” said Lou D’Avanzo, vice chairman at Cushman & Wakefield, during the firm’s third quarter media briefing on Tuesday morning. “We are sort of just muddling along and kicking the can down the road. In some ways it seems more like a dumpster than a can, but we are still hanging in there and moving forward.”

According to data from C&W, new leasing activity in Manhattan totaled 16.8 million square feet year-to-date, as compared to 24 million square feet during the same time period in 2011, resulting in a 30% drop in new leasing activity for the overall Manhattan market for the first two quarters. Adding in renewals year-over-year, the same three-quarter period has declined from 30 million to 26 million. The overall decline is just 13.5% for the two time periods.

Historically, renewals only account for approximately 20% of leasing activity, but in 2012, it accounted for 35% of all leasing activity in Manhattan, D’Avanzo said, a trend reflecting the entire sentiment of the marketplace. “We simply believe this reflects tenant’s desire to avoid spending capital considering uncertainty in the global marketplace and own businesses,” he said.