From the August issue: Economic clouds gathered on the horizon last month, amid legislative battles over the country’s debt ceiling and talks of layoffs at major financial firms. Still, Manhattan office leasing continued to tighten.
July brought no eye-popping deals, unlike June, which saw Condé Nast ink a 1 million-square-foot lease at One World Trade Center Downtown, and Nomura Holding America taking 900,000 square feet at Worldwide Plaza in Midtown. Still, the overall market last month did see a decline in the amount of space available for lease.
The availability rate for Manhattan office properties — measuring space that is vacant or will become available over the next 12 months — fell 0.2 points to 11.5 percent in July, according to data from commercial brokerage Cassidy Turley. [more]
