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New research has found that office leasing in Manhattan has risen significantly recently, despite the slowness of the US economy’s rebound.
Leasing rates in Manhattan have risen a full 34 percent since last year a new report from CB Richard Ellis has found. This has driven down the availability rate of office space in the area.
The report noted that so far this year 15.7 million square feet of office space has been leased. This is four million more than was rented by this time last year.
“Despite a lagging national economy, New York has managed to outpace the nation and its global urban competitor cities with a better employment picture and renewed confidence that high-quality new-building owners will find the tenants they need,” said Matt Van Buren, Executive Managing Director at CBRE.
“The market is in a strong and sustained positive trend.”
Average rent rose by 9.1 percent on last year. It now stands at USD 51.93 per square foot.
The rebound in fortunes of the city’s financial services industry has played a major part in the resurgence of the office market in New York. Activity by large media companies has also helped.
Several major deals, which went through in the first half of this year, resulted in lowered availability.
For example media giant Conde Nast signed a deal to move from its headquarters in Times Square to 1 World Trade Center.
Also Morrison Foerster is to lease 180,000 square feet of office space on 250 West 55th St.
“You’re seeing New York as a place where almost every company is saying we have to be in, and a market we can’t avoid. If we want to recruit the best and the brightest, those people are in New York,” Peter Turchin, CB Richard Ellis’s Executive Vice President, was quoted in the NY Post as saying.