[IMGCAP(1)]NEW YORK CITY-Cushman & Wakefield's third quarter report for Manhattan's commercial real estate market shows office rents surpassing previous all-time highs for the three submarkets of Midtown, Midtown South and Downtown, despite uncertainty in the financial markets and a decrease in overall leasing activity year-to-date. Year-to-date leasing activity for Manhattan measured 18.3 million sf at the end of the third quarter, down about 2.5 million sf–or 12.3%–from this time last year.
“The slowdown in activity may be attributed primarily to a lack of supply and the historic highs to which rents have risen,” said Joseph Harbert, Cushman & Wakefield's CEO of the New York Metro Region at this morning's Market Outlook breakfast presentation. “Limited office space and continued demand has put upward pressure on rental rates, to the point where we have exceeded record highs.”
[IMGCAP(2)]Though year-to-date leasing is off, third quarter leasing activity was in fact stronger than it was in either the first and second quarters according to Kenneth McCarthy, managing director of C&W's New York Metro Region Research. More than 6.5 million sf was leased from July through September, compared to 6.3 million sf in the second quarter and 5.4 million sf in the first quarter.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
