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Office leasing sees a sharp drop-off
Manhattan deal activity registers second-slowest quarter since 1995, as financial firms pull back
From the April issue: The large financial, media and legal firms that drive much of Manhattan’s office leasing market stood on the sidelines during 2012’s first quarter, allowing activity to fall to its second-lowest level since 1995, preliminary figures from commercial services firm Cassidy Turley show.
The weak leasing activity also stood in stark contrast to the high volume seen one year ago this quarter, as big companies signed new deals early to lock in rents before they rose too high. [more]