Change In Direction
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|The turnaround is here! So says Reis top analyst Brad Doremus. New York City office properties posted its first increase in occupied stock in two years at the beginning of 2010, after roughly 29M SF of office space was vacated over 2008 and 2009. During Q1 2010, NYC’s occupied stock rose by 122,000 SF, the metro’s first positive quarterly figure since the fourth quarter of 2007. Even better results were posted in Q2 and Q3, when 1.7M SF of office space was absorbed. However, not everyone is rejoicing. 1.1M SF of office space came online in Midtown West, and only about 35% preleased.|