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CBRE: 2012's Strength Was in Continuity

NEW YORK CITY-The year's largest deals were all renewals, but demand and pricing continued to soar, a trajectory likely to continue in 2013.

By Rayna Katz | Updated on January 15, 2013

NEW YORK CITY-Manhattan office dwellers largely stayed put in 2012, with the 10 largest deals of the year being renewals rather than relocations, according to Peter Turchin, evp at CBRE, which held its fourth quarter briefing—and, informally, made 2013 predictions—at a quarterly media briefing on Tuesday. In spite of this trend, prices showed no sign of fall-off and, segment-wise, the big story was Downtown, which thrived throughout 2012 and appears poised for luck in 2013.

“Overall Manhattan office leasing activity was down 20 percent year over year at 22.3 million square feet leased,” said Kyle Schoppmann, senior managing director, in a release on the briefing. “However, despite lagging leasing and an availability rate that increased to 11.9 percent from 10.7 percent in 2011, Manhattan average asking rents continued to climb to $58.84 per square foot, compared to 2010′s recession bottom of $48.32.”

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