Manhattan office leasing in Q1 to hit lowest level since 2009

TRD New York /
Mar.March 23, 2012 02:00 PM

In the first quarter of 2012, Manhattan office leasing will likely be the leanest it has been in almost three years, a report from commercial brokerage Studley says, Bloomberg News reported.

Studley projects about 5.7 million square feet of space will be leased in the first three months of the year in the borough, marking the lowest volume of leasing since the second quarter of 2009, when 4.5 million square feet was leased.

“As the saying has gone for many years, as financial services goes, so does New York City,” Mitchell Steir, Studley’s CEO, told Bloomberg.

The main reason for the decline, Bloomberg said, was the financial services industry’s struggles. Since last August, banks and ancillary financial services providers have made increasingly conservative staffing decisions amid uncertainty about the European debt crisis and pending regulatory changes in the U.S. The sector has shed 150,000 jobs since June, according to data complied by Bloomberg. [Bloomberg]


Related Articles

arrow_forward_ios

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

arrow_forward_ios