Avison Young, the Toronto-based commercial real estate services firm, released its first quarter 2014 New York office market analysis, which shows that Manhattan office leasing is on pace to exceed the record levels achieved in 2013. According to the company's research, demand for class A office space has boosted rents in the market by an average of $5 per square foot. Avison Young's analysis shows healthy growth consistent with the recovering job market, as 18 deals were inked during the first quarter with starting rents in excess of $100 per square foot, compared with only 13 such deals during the same period a year ago.
"As the unemployment rate in New York City continued to drop during the first quarter, reaching 7.8%, we are seeing continuous demand for high-quality office space in the borough, particularly from the growing technology and media industries," said Arthur Mirante, Avison Young Principal and Tri-State President, in a company statement. "With new leases accounting for seven of the top 10 transactions during the quarter, Manhattan has shown encouraging signs of growth from a diverse group of new market players, and we've seen the immediate effect on asking rents."
"Tenants searching for space in Midtown South are faced with significantly fewer options than even a few months ago," said Avison Young Principal John Ryan. "Large deals completed in the area during the first quarter have solidified the district's position as the tightest submarket in Manhattan."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment