News
OFFICE: MANHATTAN STILL TOPS
January 4, 2012
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| For Manhattan office, as with apartments, "continuing" isn't a bad thing. CBRE NY tri-state prez Matt Van Buren tells us New York will continue to outperform the nation this year. As of Dec. 1, 2011's 25.3M SF of leasing had surpassed 2010’s 24.2M SF. Renewals accounted for a higher percentage of space leased than in 2010 and 2007; only in the weaker velocity years of '08 and '09 were they more prominent. That should continue in 2012, too, as should the shift in kinds of tenants. Financial, insurance, and publishing are shrinking their occupancy while tech, media, law, and education are taking more. More than 19M SF is scheduled to be developed over the next eight years, an inventory increase of only 5%. (Great news to keep in mind as we hurtle ceaselessly toward the Mayan apocalypse.) |
