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Positive Employment?
Cassidy Turley director of research Robert Sammons
Cassidy Turley director of research Robert Sammons also reports signs of stabilization, but notes that a significant portion of the vacancy rate improvement in May was due to the removal of a 623k SF block of space at 229 W. 43rd St., where discussions are underway to convert the building to non-office. The overall asking rent extended its slide for the third straight month, easing to $47.95/SF, but this is attributed to a rise in availability Downtown with its generally lower rents (prices actually rose in Times Square and Grand Central). He says that job growth in NYC was positive for the fifth straight month, although it slowed in May—private sector positions have climbed by 58.5k, with 23k of those office users. Going forward, financial regulation could affect NYC's job situation—whether negatively or positively is yet to be seen.
Related Topics: Robert Sammons