Manhattan's commercial market builds momentum.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. Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Company's Third Quarter 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. MarketScope, the Manhattan commercial real estate market is building significant momentum, as evidenced by the fifth consecutive quarter of positive absorption. Leading the way, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies' demand for large blocks of space helped Manhattan to record positive net absorption across all three office markets for the fifth consecutive quarter for a total take of 3.59 million sq. ft.--more than five times the amount of space absorbed during the same period last year. Off-setting these drivers are continued uncertainty about industry fundamentals like job growth and confidence, which continue to curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict market expansion. Other key Third-Quarter MarketScope findings include: * Supply--44.92 mm sq. ft. of office space remained at the end of the Q3, representing a 1.7% decrease in availability, or 807,447 sq. ft. versus Q2, and a 9.8% or 4,917,064 million sq. ft. decrease in availability compared to Q3 2003. * Demand--Manhattan produced its fifth straight quarter of positive net absorption across all three office markets--Midtown led the charge with 968,710 sq. ft., followed closely by Downtown with 946,568 sq. ft., and Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town South was a distant third with 161,861. sq. ft.--overall Manhattan's demand for office space was up more than 200% since Q3 2003. * Vacancy--Driven by particularly strong activity in Times Square, both the overall vacancy rate and the direct vacancy rate fell this quarter--12.8% to 12.6% and 9.0% to 8.9% respectively--while the sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. vacancy rate declined from 3.8% to 3.7%. The Downtown vacancy rate rose significantly to 15.6%, from 15.1%, and Midtown South rose to 12.8% from 11.7% in July. * Rental Rates--Weighted rental rates remained flat again this quarter, asking $40.94 per sq. ft., representing only a $0.55 per sq. ft., or 1.4% increase from asking rates a year ago. * Leasing--Leasing activity continued to lag behind its four-quarter average of 6.90 million sq. ft. at 5.53 million sq. ft., with Downtown feeling the biggest squeeze falling 387,805 sq. ft. below the previous quarter--a decline of 32%. |
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