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Better Again!
CBRE’s Shelly Cohen, Michael Geoghegan, Gerry Miovski, and Brad Gerla
Manhattan’s office market continued to grow and stabilize during Q3, noted CBRE during the firm’s quarterly research breakfast at its Park Avenue HQ last week. Shelly Cohen, Michael Geoghegan,Gerry Miovski, and Brad Gerla say both the leasing activity and absorption rate far surpassed year-over-year numbers, with leasing activity jumping 51.6% from 11.38M SF to 17.25M SF, and absorption rising from negative 11.35M SF to a positive 2.76M SF. Going forward, Shelly predicts several large financial sector leasing relocations in the next three months. Some submarket highlights: Midtown’s seeing an availability rate below 13% for the first time since January ’09; Downtown’s now holding its own as large blocks of space are no longer coming to the market; and Midtown South’s availability rate has dropped from 14.8% to 13.1%.