U.S. office leasing hits four-year high in 2011

New York /
Jan.January 09, 2012 05:30 PM

Office leasing in the U.S. hit a four-year high in 2011, according to Cushman & Wakefield’s national year-end statistics for Central Business Districts, released today.

The square footage of new leases signed last year totaled 76.5 million square feet, up 17.4 percent from 65.2 million square feet in 2010, and the highest total since 2007. Of the 30 CBD office markets tracked by Cushman, 21 reported an increase in new leases signed in 2011. Downtown Manhattan was among the markets which experienced the greatest increase in leasing volume year-over-year.

“While there were certainly a significant number of large transactions signed in 2011, a great deal of this increase in leasing activity can be attributed to the sentiment of the market,” said Maria Sicola, executive managing director of research for Cushman. “We’ve hit bottom in a majority of cities in the U.S. and tenants took the initiative to either trade up or expand before rents increase substantially.”

Absorption totaled 12.9 million square feet nationwide, up significantly from 2.2 million square feet of absorption in 2010, the statistics show. — Katherine Clarke

 

Related Articles

arrow_forward_ios
Cushman & Wakefield's Brett White and John Forrester
Cushman explains its high hopes for WeWork partnership
Cushman explains its high hopes for WeWork partnership
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
arrow_forward_ios

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

Loading...