Heading in a positive direction.As we head into the mid-point of 1993, 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 office market appears to be moving in a positive direction. For example, during the first four months of this year: * Over 4.2 million square feet of office space was leased in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town , a net absorption of 300,000 square feet * In the Downtown district, about 2.2 million-square-foot of space was leased -- a significant increase over the 1.5 million feet total achieved during the first four months of 1992. Sparked by the Prudential Securities renewal at One Seaport Plaza and its lease of over a million square feet at Chase Manhattan's One New York Plaza One New York Plaza is an office building in New York City, built in 1969, and is located at the intersection of South and Whitehall Streets (). It is the southernmost of all Manhattan skyscrapers. , it appears that a "near equilibrium" between the leasing of space and the return of space to the downtown market has now been achieved * Finally, year-to-date leasing totals point to healthier conditions in Midtown South, where 470,000 square feet has already been leased in 1993 compared to 456,000 square feet last year These early trends follow a positive Manhattan office market performance in 1992 when more than 19 million square feet of space was leased -- an impressive 35 percent jump over the 14 million square feet leased in 1991. Best of all, the city is now demonstrating a much needed proactive approach to tenant retention, more will be done in this area. Still, the impressive office market figures garnished in 1992 should not be under estimated. Midtown Manhattan, for example, witnessed a remarkable upswing Upswing An upward turn in a security's price after a period of falling prices. , posting a positive net absorption (over 2 million square feet) for the first time in four years. The epicenter ep·i·cen·ter n. 1. The point of the earth's surface directly above the focus of an earthquake. 2. A focal point: stood at the epicenter of the international crisis. of Midtown activity was on Avenue of the Americas and in Midtown West, where Bertelsmann, Inc. purchased One Broadway One Broadway is a residential skyscraper in downtown Miami, Florida. It is located in the southern Brickell Financial District, an area of increased density with the recent building boom in Miami. Place. A number of "mega deals", among them commitments by Courdert Brothers, the Internal Revenue Service, Price Waterhouse, Simon & Schuster Simon & Schuster U.S. publishing company. It was founded in 1924 by Richard L. Simon (1899–1960) and M. Lincoln Schuster (1897–1970), whose initial project, the original crossword-puzzle book, was a best-seller. and New's America's Publishing, precipitated this climb. |
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