Office leasing market stagnates

From the March issue: Despite the large lease extension signed by Macy’s in Midtown’s Penn Plaza district, prices and availability in the Manhattan office market remained stagnant last month. And insiders predict that conditions will remain flat for the next few months. “The general thinking in the brokerage community is that the first half of the year will be flat, with a pickup and growth in the latter half of the year on an accelerated basis into 2014,” said David Greenbaum, president of the New York City Office Division of Vornado Realty Trust, during the firm’s fourth-quarter earnings call last month. [more]