The Real Deal New York

Stuck in neutral 

Office rents and leasing activity stabilize, but landlords see mini confidence boost 

November 18, 2010 02:13PM
By Adam Pincus

From the November issue: If you had to sum up the current Manhattan office leasing market in one word, it wouldn’t be hard to pick it: flat.
While office leasing volume improved to its highest level since the downturn this past summer and spring, it’s been stabilized for several months at a decent but slightly lower level. It rose by only 60,000 square feet to 1.6 million square feet in September, according to the latest data from commercial brokerage CB Richard Ellis. Meanwhile, asking rents Manhattan-wide, which are down roughly 25 percent compared to the peak in 2008, have also been stuck in neutral for several months, in the high $40s. They declined Downtown in September compared to the month before, and have bumped up a little in Midtown and Midtown South during that same time, according to CBRE data. [more]

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