Midtown leasing slides in August: Cushman

New York /
Sep.September 08, 2010 04:00 PM

Kenneth McCarthy of Cushman

Office leasing activity cooled in Midtown from the brisk levels seen over the previous months, but overall in Manhattan, the vacancy rate and average asking rents improved in August, new data from commercial firm Cushman & Wakefield show.

The volume of new space leased in Midtown slowed to 1.1 million square feet last month from an average of about 1.6 million square feet over the prior five months — which marks the most active period of leasing since the second half of 2006 — Kenneth McCarthy, managing director of research for the firm’s New York metro region, said.

“It is a bit of a slowdown, but it could be seasonal factors. I would not read too much into one month,” he said.

There were fewer large leases signed last month compared with July, a report from commercial firm Jones Lang LaSalle shows. In August, the largest new lease was for 140,000 square feet taken by bank Capital One at Vornado Realty Trust’s 90 Park Avenue in Midtown. In contrast the largest new lease in July was German financial firm Allianz Global Investors taking 213,000 square feet at Paramount Group’s 1633 Broadway.

Overall, there were 1.7 million square feet of new leases signed in Manhattan last month, up from just over 1 million square feet in August 2009, Cushman statistics show.

The vacancy rate for Manhattan fell by .2 points to 10.9 percent in August from a peak of 11.6 percent in the first quarter, while the average asking rent rose by 15 cents per foot to $54.14 per square foot, figures from Cushman show.

 

Related Articles

arrow_forward_ios
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Cushman & Wakefield CIO Nathaniel Robinson and CEO Brett White (iStock)
Cushman launches $250M SPAC
Cushman launches $250M SPAC
arrow_forward_ios

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

Loading...