Downtown in 2005 had its lowest level of commercial leasing activity in 13 years, but that could change in 2006 because of leases in smaller office properties. The 3.4 million square feet leased in Downtown in 2005 was the lowest since 1992, according to a market report from brokerage Cushman & Wakefield.
A lack of confidence in the Downtown office market was the main cause in the leasing inactivity, according to Cushman & Wakefield analysts, who presented the data at a breakfast in Midtown on Wednesday morning. But ongoing leasing for smaller amounts of space may buoy the overall leasing activity Downtown as 2006 moves forward. more
