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Subleases are moving, contiguous block availability has dropped, and TI and free rent has stabilized—this means that the market is ready to find a bottom, said CB Richard Ellis’ Paul Amrich and Rob Stillman yesterday during the firm’s quarterly overview breakfast. (As you can see, Bisnow’s a sucker for free stats and food).
CB Richard Ellis’ Paul Amrich and Rob Stillman
The end of the quarter marked Midtown’s fourth consecutive month with at least 1 MSF leased, breeding stability in pricing, Rob notes— and Midtown asking rates had only declined six cents from $57.94 PSF to $57.88 PSF in between August and September, narrowing the bid-ask gap. Sublease space has peaked—you may see some more trickles, but not huge blocks—and Midtown’s absorption rate declined, allowing the submarket to lead the way in market recovery, Paul adds. Tours are up, and paper is moving quickly, as tenants want to move on decisions; they expect to exceed ‘02’s leasing activity low by year’s end.
John Reinertsen, Ellen Rudin, Richard Karson, and Joscelyn Wippern
Taking a break from packing boxes was CBRE's Long Island contingent, John Reinertsen, Ellen Rudin, Richard Karson, and Joscelyn Wippern. They’re re-opening CBRE’s Long Island City office next Friday, when they’ll move into a 2.2k-SF retail space at 47-09 Center Blvd., part of Rockrose’s seven building development. Some trends they’re seeing: industrial is still strong in all the outer boroughs, while office leasing has softened—there’s a lot of blend-and-extend and a flight to quality. Landlords are in a very aggressive bidding war for tenants—it’s the best tenant’s market they’ve witnessed in 20 years.