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New York

Office tenants avoiding decisions they may regret later

From the October issue: After a strong first half of the year, Manhattan leasing activity declined in the third quarter. But despite the slowdown, which stemmed from a dearth of mega deals, the availability rate and asking rents for the overall market continued to strengthen.

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Manhattan leasing volume fell from nearly 10.6 million square feet in the second quarter to 6.7 million square feet in the third quarter, preliminary figures from commercial firm Cassidy Turley showed late last month. (Those numbers exclude deals from the last few days of the month.) The lower volume came after a strong beginning of the year, in which major tenants like Japanese financial giant Nomura Holding America and publishing powerhouse Condé Nast inked deals for 900,000 square feet and up. [more]