CRESA report predicts a tenant's market for Manhattan.Creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor commercial tenants will soon find opportunities in
Manhattan unseen for more than a decade, according to according toprep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a quarterly market update just issued by CRESA Partners/New York. According to the findings of market researchers at CRESA Partners, tenants willing to re-assess their medium- and long-range plans will be in the best position to take advantage of current market conditions in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town and Downtown Manhattan. "The persistent optimism about a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in the city's economy is finally shrinking, given a potentially unprecedented budget shortfall," observes Marcus Rayner, principal of CRESA. "But while the picture is glum glum adj. glum·mer, glum·mest 1. Moody and melancholy; dejected. 2. Gloomy; dismal. n. 1. at the moment, it presents opportunities for large corporations that make the effort to look past near-term uncertainties, to provide for their long-term real estate needs." The CRESA quarterly report notes that two factors adversely affecting the downtown Manhattan market. Apart from the economy, there is uncertainty regarding regulatory attitudes concerning future decentralization de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. by financial institutions and the continuing debate over the scale of redevelopment at the World Trade Center site. Those factors "are likely to influence the timing and pace of the (local) economic recovery," says the report. With respect to the Manhattan submarkets, CRESA reports that average class "A" rents in Midtown Manhattan declined to $53.22 per SF, down from $54.52 in the second quarter. The vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate is now 9.71%, up slightly from 9.64%. Class "B" Midtown space now averages $36.91, down from $37.13, while the vacancy rate rose by one-half a percentage point to 14.88%. In the Downtown area, where the vacancy rate for class "A" space has soared to 19.51%, average rents fell to $37.09 from $38.57. In the class "B" category, however, the vacancy rate remains virtually unchanged at just under 21%. The midtown-south market, hit by weakness in the advertising and technology industries, saw vacancies rise by more than two percentage points to just over 18%. There was a corresponding drop in average rents by about $2 per square foot. |
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