Report: NYC economy is “out of the woods”

TRD New York /
Oct.October 28, 2010 02:30 PM

“All indications suggest that New York City’s economy is truly out of the woods,” Eastern Consolidated said in its third-quarter Manhattan economic indicators report, released today. Among those positive indicators: increasing commercial property sales — already at a cumulative volume of $9.4 billion for 2010, compared to $5.8 billion during all of 2009 — and an uptick in average prices on those sold properties. Office availability declined to 13 percent during the third quarter as another 1.5 million square feet was absorbed from the market, down from 13.3 percent in the second quarter and 13.5 percent in the first. Meanwhile, the subleasing market has shrunk by 3.6 million square feet since the end of 2009, though rents have remained relatively flat. Employment is also experiencing an overall surge, with a net quarterly job gain of 9,200 in the city last quarter. A total of 63,500 New York City jobs — including 4,000 in the real estate industry — have been added so far this year, for a growth rate of 1.8 percent. TRD

 

Related Articles

arrow_forward_ios
Daun and Peter Hauspurg and ABS Partners Real Estate offices at 200 Park Avenue South (Credit: Twitter and ABS Partners)

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS
Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union
Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners
HKS hires former Eastern principal to launch new i-sales division

HKS hires former Eastern principal to launch new i-sales division

HKS hires former Eastern principal to launch new i-sales division
Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division
Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated sues for commission on 2017 office lease
Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division
Meridian Capital scoops up debt brokers Adam Hakim and James Murad

Meridian Capital scoops up debt brokers Adam Hakim and James Murad

Meridian Capital scoops up debt brokers Adam Hakim and James Murad
arrow_forward_ios

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

Loading...