NYC commercial markets stabilized.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 commercial real estate market has stabilized, says a report from the Federal Reserve Beige Book Beige Book A commonly used name for the Fed report entitled "Summary of Commentary on Current Economic Conditions by Federal Reserve District." It is published just before the FOMC meeting on interest rates and is used to inform the members on changes in the economy since the last . Issued six times a year, the Beige Book report is an anecdotal compilation of economic data from each Federal Reserve district Federal Reserve District (Reserve district or district) One of the twelve geographic regions served by a Federal Reserve Bank. . Among the report's findings were that vacancy rates in Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North continued to climb during January as rates in Midtown actually declined. Asking rents were slightly higher at the beginning of this year than in early 2001, and landlords are now offering more concessions. But sales transactions are described in the report as "fairly strong" throughout the metropolitan area. "This is a very positive report. To be talking about a turnaround only six months after Sept. 11 is remarkable," said Ken McCarthy Ken McCarthy (born September 20, 1959) is an American activist, educator, entrepreneur and Internet commercialization pioneer. Early life and education Born in New Haven, Connecticut, McCarthy's father Francis W. , chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at the Economic Intelligence Company. He added that unemployment should continue to drop as the economy gains momentum. The residential market continues to gain momentum, according to the report. The co-op and condo market reported a substantial pickup during January and February. Apartment sales activity has been brisk in recent weeks, as sale prices have rose modestly from a year ago. Hiring activity also rose in the first two months of this year. The industry bringing in the most new hires is apparently the legal industry. A "smattering" of small firms in creative fields--public relations, advertising and the film business--have picked up some jobs. Manhattan hotels report that occupancy declined at the seasonal rate for January, ending the month at 78%. That represents a 4% decline from 2001. Room rates were down 15% on average, versus a 25% decline during, the fourth quarter of 2001. Hotels fared relatively well in February, buoyed by the World Economic Forum. |
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