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Leasing levels grew markedly on offices in Manhattan over the course of 2011, according to a generally positive review of market conditions from the real estate advisory giant Cushman & Wakefield.
Overall office space leasing activity grew across the New York island by as much as 16 percent in the 12 month period to the surprise of many observers and to reach levels not seen in over a decade.
A total of 30.1 million square feet of Manhattan office space was reportedly let over the course of last year, with the headline vacancy rate falling from 10.5 percent to 9.1 percent, according to Cushman’s latest figures.
By way of explanation for the positive showing, Joe Harbert, Cushman’s chief operating officer for the New York metropolitan area, said: “You had pent-up demand coming out of the recession.
“Corporations realised that, relative to the past market, this was a market in which a company go could go out and, for a reasonable price, see a lot of alternatives and find high-quality space,” he is quoted as saying by Bloomberg.
Manhattan is of course a key market for the wider New York office space sector, which is in turn a crucial indicator of performance within the US real estate industry and the national economy as a whole.
There has been widespread concern that the continuing economic crisis in the Eurozone would severely dampen optimism and office renting activity among financial service companies in New York but performance in this context has so far been notably resilient.
New York city’s reputation as a centre for financial sector operators is well established but significant efforts are being made to develop its position as a hub of technology innovation and business development. A series of office ‘incubators’ have been established across the city to encourage the progress of tech-based start-ups, while global tech brands like Twitter have set up new offices in the New York in recent months.