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Trio of CRE Firms Report Big Upticks in Manhattan's Q2

NEW YORK CITY-A nearly unchanged availability rate, upticks in leasing and rents and positive absorption combined to boost performance in all three submarkets.

By Rayna Katz | Updated on July 02, 2013

NEW YORK CITY-Although some real estate investors remain cautious about the state of the local market, numerous indicators show the market’s undeniable good health and make every suggestion that 2013 will be a year of strength.

According to Colliers International, which late Tuesday issued its findings on the Manhattan market in the second quarter—prompting an UPDATE to yesterday’s story on Q2 reports from other firms—the overall Manhattan availability rate increased only slightly to 12.1%, up from 12% in the first quarter, and has been essentially unchanged since the second quarter of 2012 when it was also 12.1%. In Midtown North, the availability rate declined to 12.3%, down from 12.6% in the first quarter, but was still slightly above the 12.2% level recorded in 2012′s second quarter. Moving in the other direction, Midtown South’s availability rate increased to 9.2%, up from 8.9% in the first quarter and 8.8 % last year.

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