NEW YORK CITY-The commercial real estate market and the city may have had a bit of a break-up last year, but CRE looks to be on the rebound in 2013. According to first quarter statistics, released by Cushman & Wakefield on Wednesday during a press briefing, direct available office space in Manhattan is at its lowest point since April 2009 and total leasing activity from January to March accounted for more than 5.6 million square feet.

“The statistics suggest cautious optimism,” said Ron Lo Russo, president of the New York tri-state region, referring to the overall Manhattan office market. The overall average asking rent in Manhattan increased 1.2% year-over-year to $59.60 per square foot, in another sign of strength, while the vacancy rate remained at 9.1%. “Demand is healthy and the pipeline suggests that leasing will pick up,” he said. “If things continue on this track, this will be a good year.”

A total of 25 leases of 50,000 square feet and larger were completed in the first quarter, according to Cushman. Of that total, 16 transactions, or 64 percent represented new leases, contributing to the decline in direct availability. By comparison, at this time in 2012, 61 percent of the lease transactions that were 50,000 square feet and larger consisted of lease renewals. The overall average asking rent in Manhattan increased 1.2% year-over-year to $59.60 per square foot from $58.90 per square foot. The Manhattan class-A direct asking rent totaled $67.24 per square foot, a slight decrease of .1% year-over-year.