Trammell Crow optimistic with mid-year market update.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 "Mid-year 2004 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 rebounding, evidenced by prices for prime properties continuing to climb for the third consecutive quarter. 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 fourth consecutive quarter for a total take of 3.59 million s/f--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 MarketScope findings include: Supply--45.72 mm s/f of office space remained at the end of the second quarter, representing a 4% decrease compared to the first quarter and a 9.3% decrease compared with 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. 2003. Demand--Leasing activity remained strong in the second quarter, despite falling slightly below Manhattan's four-quarter average of 6.77 million s/f to 6.36 million s/f--a decrease of 6% overall. Vacancy--The first sixth months of 2004 saw 17 deals in excess of 100,000 s/f, causing Manhattan's overall vacancy rate to drop for the fifth consecutive month to 12.8%--a level not seen since March of 2002. Rental--Overall, second quarter rents jumped 1.4% to $40.97 per s/f from the $40.38 per s/f rate recorded at the close of the first quarter. Geographic performance by neighborhood: Midtown--15 of Manhattan's top 19 deals were done here in the second quarter, representing 1.60 million s/f or 66.5% of the City's total leasing activity. Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town south--The addition of more than 125,000 s/f to first quarter leasing activity total helped to bring year-to-date total to 1.74 million s/f--an occupancy level not seen since October 2001. Downtown--Although overall leasing activity fell short of first quarter's total by nearly 440,000 s/f--the largest lease recorded here in the second quarter only totaling 34,000 s/f,--downtown real estate is still a tremendous value, with average rental rates around $32.59 per s/f. |
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