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C&W: First Quarter Points Toward Lucky '13

NEW YORK CITY-The firm's analysis of the first quarter shows that the year got off to a rollicking start.

By Rayna Katz | Updated on April 03, 2013

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.”

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