Grubb & Ellis report: NYC rents declined 8% in 2001.Corporate tenants in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. cities were happy to see significant declines in office occupancy costs last year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey of effective occupancy costs in the top 61 global markets released today by Grubb & Ellis Company and Knight Frank, a comparison of these costs from fourth quarter of 2000 to fourth quarter of 2001 reveals a decline in occupancy costs in 37 of the 61 world markets. The report ranks the 61 markets from most expensive to least expensive based on average annual rents plus typical expenses borne by the tenant such as common area maintenance costs. "New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ranks 7th in the Grubb & Ellis/Knight Frank survey," said Mark Costello, COO of Grubb &Ellis. He said average annual occupancy costs in 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 City's prime office sector were $59.16 in the fourth quarter 2001, an 8.3% decline from fourth quarter 2000. Not surprisingly, the steepest declines came in tech-oriented markets such as San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden (-51.3%); San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. (-45.8%) Boston (-23.3%) and Stockholm (23.2%) due largely to corporate reaction to the slowdown in the US and Japanese economies and the financial meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb in the global technology sector. In some European markets, which fared better overall than those in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , the decline in occupancy costs was primarily due to fluctuations in exchange rates. Despite New York's tumultuous year, the Manhattan market and surrounding office markets have still held onto much of the rental gains of the last two years. Occupancy costs in New York fell 8.3% last year but the city moved from number 8 to number 7 in the ranking, making it the only U.S. city to remain in the top 10. (San Jose and San Francisco both dropped out of the top 10 markets last year.) Westchester County and Long Island held their own by moving up in the rankings as well. The lone standout among tech-oriented cities was Austin, TX, (#41; $24.95) which dropped slightly in the rankings but experienced a half percent (0.5%) increase in occupancy costs. Among markets outside North America, Milan (#15; $38.97) had the highest increase in occupancy costs (12.9%) followed by Shanghai (#19; $36.42) where occupancy costs rose by 11.3%. To download a copy of the 2002' Global Real Estate Forecast, 2002 U.S. local market forecasts, or data on Global Office Occupancy Costs from Grubb & Ellis and Knight Frank, visit www.grubb-ellis.com/marketintelligence |
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