NEW YORK CITY—Savills Studley research says deal volume in New York's office market fell to 6.9 million square feet in the first quarter of 2015. It has decreased during every quarter since the fourth quarter of 2013, when it peaked at 12.7 million square feet. The reduced activity is due primarily to more limited leasing downtown, where first quarter volume (1 million square feet) was the weakest since midyear 2013.
This outlook comes from the firm's NYC Q1 2015 report. Also of note from the report:
· Asking rents push higher. The average asking rent for class A space in Manhattan rose by 3.6% to $79.47 as a 5.8% jump in class A asking rents Downtown, offset a decline of 0.8% in Midtown's rate to $85.50.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
