NYC office leasing market shows promise in first quarter: Cassidy Turley

New York City saw an uptick in office leasing activity during the first quarter of 2010, according to a new report from commercial real estate firm Cassidy Turley (see the full report below). The area saw 2.5 million square feet of positive net absorption for office space, reversing a years-long trend in negative absorption. The positive demand for space was largely driven by Goldman Sachs’ massive lease at its new 200 West Street headquarters. Meanwhile, the city’s office vacancy rate remained steady at 13.5 percent from a quarter earlier, up from 12.1 percent in the first quarter of 2009. Effective rents rose to $52.74 per square foot from $50.90 per foot in the fourth quarter of 2009 and down from $55.57 during the same period last year. In a March report on the Manhattan office market by CB Richard Ellis, data shows that while leasing volume increased, asking rents fell by their largest amount in four months. TRD

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CT National Report 1Q10

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