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Report tracks commercial space for period ending August 1.

In another pronounced increase over leasing activity tracked last year, commercial space movement in Manhattan's Midtown, Midtown South and Downtown regions aggregated some 1.54 million square feet of space in the month ending August 1.

Particularly brisk was activity in Midtown, where 1.33 million square feet was leased during this period, precipitating a drop in availabilities from 17.2 percent to 16.7 percent, announced Stephen B. Siegel, president of the Edward S. Gordon Company, Inc.

"Last year at this time people were celebrating Sony USA Inc.'s 703,000 square-foot Madison Avenue commitment, which pushed the year's aggregate activity to 6.5 million square feet. In a welcome indication of vitality, this year's activity, totaling 8.74 million square feet, has easily outpaced last year's, without the help of a mega-deal," commented Siegel.

In an enormous upswing over last month's activity, leasing in Midtown South skyrocketed from 71,000 square feet to a hearty 207,000 square feet of space, while the availability rate dropped to 17.8 percent. Even more encouraging is a look at last year's data, which showed only 41,000 square feet of space leased during the same period.

At the core of the activity was the Park Avenue South/Madison Avenue submarket, where over 100,000 square feet of space was leased.

Holding steady during this period was the Downtown market, where 310,650 square feet of space was leased, bringing the region's year-to-date aggregate to 2.24 million square feet, well ahead of the 1.8 million square feet charted during the same.
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Title Annotation:Edward S. Gordon Company Inc. report for August 1992 on New York, New York commercial buildings
Publication:Real Estate Weekly
Date:Aug 26, 1992
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