Manhattan office leasing in Q1 to hit lowest level since 2009

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
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Anita Durst and images of Chashama (Photos via Getty, Chashama)
Durst-backed nonprofit puts startups into empty storefronts
Durst-backed nonprofit puts startups into empty storefronts
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Nationally, just under one-third of office workers have returned to the office spaces they occupied before the pandemic. (iStock)
Employers face uphill battle luring staff back to the office
Employers face uphill battle luring staff back to the office
arrow_forward_ios

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

Loading...