Report: NYC economy is “out of the woods”

October 28, 2010 02:30PM

“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