May brings leasing velocity uptick

New York /
Jun.June 05, 2009 05:39 PM

The amount of office space leased in Midtown crept up in May, but remained less than half what it was in the same month last year, according to a report released today from full-service commercial brokerage CB Richard Ellis.

There was 620,000 square feet leased in Midtown last month, up from 490,000 square feet a month earlier, but far below the 1.16 million square feet leased in May 2008, the monthly CBRE report says.

Meanwhile, the average asking rent in the submarket fell to $62.16 per square foot in May from $63.57 the month earlier, a 28 percent drop from last May’s average of $86.52, CBRE said. The availability rate, measuring the amount of space that will be available for a tenant build-out within 12 months, rose to 15.2 percent, from 14.8 percent in April.

In Manhattan overall, leasing activity rose to 980,000 from 790,000 in April, while the average price per square foot fell to $54.63 from $55.95, the CBRE report shows. The availability rate rose to 14.1 percent in May from 13.8 percent in April.

At a panel discussion held at the Real Estate Board of New York Wednesday, Peter Turchin, senior vice president at CB Richard Ellis, was optimistic, saying, “we are going to see some volume pick up in the marketplace.”


Related Articles

arrow_forward_ios
John Banks
High expectations: A look at John Banks’ 4 years at REBNY
High expectations: A look at John Banks’ 4 years at REBNY
John Banks
John Banks to step down as REBNY president
John Banks to step down as REBNY president
REBNY Awards
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
(iStock)
Manhattan’s retail market ticks up toward rebound
Manhattan’s retail market ticks up toward rebound
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Governor lays out bold real estate agenda in State of the State speech (iStock, Getty Images)
Hochul: Supersize NYC apartment buildings, replace 421a
Hochul: Supersize NYC apartment buildings, replace 421a
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
Manhattan retail rents fell without tourists, office workers
Manhattan retail rents fell without tourists, office workers
Manhattan retail rents fell without tourists, office workers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...