January Report by Cassidy Turley Reflect Slight Upticks
Numbers Demonstrate Stability and Strength of Manhattan Market
NEW YORK – January 8, 2013 – Cassidy Turley, a leading commercial real estate services provider in the U.S., today released their January Manhattan Market Report, which reflected the mild upticks in absorption and asking rents while vacancy rates fell to 10.2%. After the turmoil of the last quarter including lingering ramifications of hurricane Sandy, and fears surrounding the narrowly averted fiscal cliff, leasing activity demonstrates subtle shifts and submarket growth.
Overall in 2012, there were increases in 11 out of 12 months even if it was minimal in several of those months. Pricing climbed in all three class segments; Class A figures rose to $69.19 per square foot, jumping to 7.9% while Class B increased 11.0% and Class C 13.9%. Reflecting the stability and strength of the market, Downtown Class A vacancy rates fell from 8.8% to 8.2% despite the ongoing impact of Sandy. The back-story is that a portion of availability was pulled from the market, though increased leasing activity was responsible for much of the improvement.
“As expected, 2012 showed subtle improvements in submarkets and Class B & C demonstrated the largest growth,” commented Peter Hennessy, President Tri-State Region, Cassidy Turley. “All market signs however point to the enduring strength and stability of the Manhattan office market despite turmoil ranging from fiscal cliffs to massive hurricanes.”
Clear here to dowload the January Manhattan Report.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients-from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services-including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.