Downtown looking up.For the first time since the terrorist attacks, Downtown's commercial 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. is dropping. As of Sept. 30, Downtown's vacancy rate was 13.4%, two tenths lower than a month earlier. Cushman Cushman is a manufacturer of industrial vehicles, personal vehicles, and other custom vehicles, including parking patrol auto rickshaws. Models Haulster (Small industrial multi-purpose truck) Bellhop Series (Golf Carts) Tug(Large Truck) & Wakefield's third quarter statistics show that average asking rents declined slightly during the same period from $40.09 to $39.92 per SF. "Downtown's best office buildings are now on the radar of most corporations. Incentives and rent disparities between Downtown and Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town are beginning to make a difference, and fewer space additions have given the market breathing room to catch up," said Kenneth Krasnow, senior managing director and heads of Cushman & Wakefield's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office. Barring any major space additions to the Downtown market, Krasnow sees increased leasing through the end of this year. "Although there is a substantial amount of space not being utilized that hasn't officially come to the market, which tends to create a feeling of uncertainty," said Krasnow. Despite what the report deems a "very positive" September, Downtown's 13.4% vacancy rate remains more than twice as high as it was one year ago. Elsewhere in Manhattan, Midtown's vacancy rate continued to rise. As of the end of the third quarter, its vacancy rate was 10.7%, up from 9.9% at the end of the second quarter. Asking rents have fallen from $50.79/SF at the end of the second quarter to $50.08 at the third quarter's close. Midtown South's vacancy rate hasn't changed much since the third quarter of last year, when it was gauged at 8.7%. It now stands at 8.9%. Average asking rents here are $35.82/SF versus $36.34 at the close of the second quarter. The average asking rents at this time last year were $41.38. Manhattan's overall vacancy is 11.8%, up from 11.7% this past August. It's vacancy rate at this time last year was 7.6 percent. Average asking rents in Manhattan are $44.13/SF, down from $44.46 at the end of the second quarter. These rents were gauged at $47.79 at this time last year. The report highlighted several Downtown leases that were signed during the third quarter. They include: * Aon at 199 Water St. (88,468 SF) * Richard Spears Robert Vernon Spears (not Richard) was a convicted criminal and naturopath who is alleged to have placed a bomb aboard National Airlines Flight 967, an aircraft which disappeared over the Gulf of Mexico on November 16, 1959, killing 42 persons. Kibbe & Orbe at One World Financial Center (81,269 SF) * Liberty Mutual Insurance at 55 Water St. (62,971 SF) * Euro Brokers at 199 Water St. (61,526 SF) * Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. (57,336 SF) * Chubb Corporation at 55 Water St. (46,980 SF) * FolksAmerica Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. at One Liberty Plaza One Liberty Plaza is a skyscraper in lower Manhattan, New York, which resides at the location of the former Singer Building (in 1968, the second tallest building to be demolished). One Liberty Plaza is currently owned and operated by Brookfield Properties. (40,621 SF) * Deloitte & Touche at Two World Financial (40,000 SF) |
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