From the August issue: The sharp rise in leasing activity in June was a welcome shift from the
anemic figures of prior months, but early reports from last month
showed that the surge has leveled off, industry experts said.
The amount of square footage leased in Manhattan rose by 50 percent
— from just under 1 million square feet, to 1.47 million — in June
compared with May, data from commercial firm CB Richard Ellis showed.
The June leasing figure was roughly 27 percent lower than the five-year
monthly average for Manhattan.
By the middle of last month, about 700,000 square feet had been
reported leased, said Steven Coutts, research director and senior vice
president at tenant representative firm Studley, citing CoStar data.
But Coutts said he did not expect July to end with a strong showing,
based on deals in the pipeline for the rest of the month.
