NEW YORK CITY-Proving that there's more than one way to look at things, CBRE and Cassidy Turley issued markedly different findings in their evaluations of last month's investment sales and leasing activity in Manhattan.
Both firms released generally positive data, with some weak spots, about Manhattan's three sub-markets. Overall, CBRE says Manhattan logged 3.14 million square feet of leasing activity in April, the highest single month of leasing activity since June 2011. Adds CT, the market experienced positive absorption of 355,757 square feet, counteracting negative absorption that took place in the first quarter.
The shift led to an overall decline, by 10 basis points, of Manhattan's availability rate, which now stands at 11.7%, according to CT. However, CBRE reports a 20 basis point spike in Manhattan's availability rate, bringing it to 12.6%. CT though did note that the availability rate in Class A space sits at 12.4% after a 40 basis point dip. CBRE only measures buildings that meet its own quality standards, a spokesman tells GlobeSt.com.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
