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Positive Absorption, Jobs Keep Manhattan Strong

NEW YORK CITY-New research indicates strong signs of recovery, though each of the three submarkets have different stories to tell.

By Rayna Katz | Updated on June 17, 2013

NEW YORK CITY-Anyone who thought Midtown South’s chokehold was unsustainable will be surprised to note that it has tightened even further, according to new research. The data, a June report on Manhattan by Cassidy Turley, also indicates Midtown is experiencing a strong recovery while conditions Downtown are a bit tougher as more space is being added. In good news though, increasing employment figures and job creation continue to push the market upward. Manhattan’s net positive absorption was 860,316 square feet in May.

Meanwhile, demand for space in Midtown has picked up, with positive absorption up over half a million square feet year-to-date, the report states. In May, 621,993 square feet of positive absorption was reported, dropping the availability rate down to 11.6%, a 20 basis point decline from April.

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