Midtown business growth leads office market recovery.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 released midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. statistics for the 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. commercial real estate market that indicate businesses are expanding in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan. For the six month period ending June 30, 2004, new leasing activity measured 14.3 million square feet, compared to 11.4 million square feet through the first six months of 2003. The strong leasing activity resulted in a decline in the overall office 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 in Manhattan and positive overall absorption. The overall office vacancy rate fell sharply to 11.8 percent at the end of the second quarter from 12.5 percent at year-end 2003. Overall absorption, which measures the change in space occupied over a given period of time--including sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. space--was positive for the first time since early 2001, measuring 1.9 million square feet in Midtown and 1.7 million square feet in Manhattan overall. Ken Krasnow, executive managing director and head 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 offices, attributed the news in part to the amount of large leases in the market and a "voracious voracious said of appetite. See polyphagia. appetite for sublease space." In the first half of 2004, Mr. Krasnow said, 18 office leases were completed in excess of 100,000 square feet, six more than were completed in the first half of 2003 and triple the amount completed in the first half of 2002. "Last year we were talking about a perceived bottom in the market and a more stable environment for commercial real estate in New York," Mr. Krasnow said. "Now we're seeing and feeling growth, and that's evident in the fact that more businesses are growing and office space is being leased at a faster pace than space being added to the market." He added that sublease transactions remained attractive to the largest tenants. Three of the top five deals in the market through midyear were sublease deals, totaling about 1.5 million square feet. The sublease vacancy rate declined to 2.8 percent from 3.3 percent at yearend, and is down from a high of 4.3 percent in the second quarter of 2002. For the six month period ending June 30, 2004, Mr. Krasnow said, all three Manhattan markets experienced significant vacancy rate declines. Midtown South's vacancy decline was most significant, falling to 11.9 percent from 13.3 percent at year end. Midtown declined 0.6 percent to 11.3 percent, and Downtown dropped to 13.0 percent from 13.5 percent. The average asking rental rate increased incrementally in Manhattan overall, to $40.56 at midyear from $40.53 at yearend. Downtown's rental rate continued to fall, to $32.25 from $36.92 at yearend, while Midtown and Midtown South each saw rental rate increases to $47.16 from $45.37 for Midtown, and $30.56 from $30.37 for Midtown South. The most active industry in the leasing market continued to be law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
The period beginning at the start of the calendar year up to the current date. have leased more than 1.6 million square feet of office space in Manhattan, representing close to 20 percent of the market. Law firms have been particularly active Downtown, leading all industries in leasing with about 670,000 square feet of transactions. 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. firms have been the second most active industry in Manhattan, leasing more than 1.2 million square feet and leading all industries in leasing in Midtown. OFFICE MARKET STATISTICS BREAKDOWN MANHATTAN 2Q '04 1Q '04 4Q '03 2Q '03 2Q '02 Total Vacancy 11.8% 12.2% 12.5% 12.5% 11.3% Sublease Vacancy 2.8% 3.1% 3.3% 3.9% 4.3% Overall Rent $40.56 $40.06 $40.53 $41.12 $44.46 DOWNTOWN 2Q '04 1Q '04 4Q '03 2Q '03 2Q '02 Total Vacancy 13.0% 12.9% 13.5% 12.6% 13.4% Sublease Vacancy 2.6% 2.5% 2.8% 3.1% 5.9% Overall Rent $32.25 $33.68 $36.92 $36.36 $40.15 MT SOUTH 2Q '04 1Q '04 4Q '03 2Q '03 2Q '02 Total Vacancy 11.9% 13.0% 13.3% 14.5% 13.3% Sublease Vacancy 2.1% 2.4% 3.2% 4.5% 4.5% Overall Rent $30.56 $31.04 $30.37 $31.09 $35.72 MIDTOWN 2Q '04 1Q '04 4Q '03 2Q '03 2Q '02 Total Vacancy 11.3% 11.8% 11.9% 12.0% 9.9% Sublease Vacancy 3.1% 3.6% 3.6% 4.0% 3.6% Overall Rent $47.16 $45.61 $45.37 $46.56 $50.15 |
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