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Manhattan office rents drop 44%

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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-14-09 10:29 PM
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Manhattan office rents drop 44%
Net effective rentsthe average price office tenants pay for space after factoring in concessions such as months of free rentare down 44% from their peaks in 2008.

Manhattan office space has hit the sale bin big time, but renters are still holding back. Net effective rentsthe average price office tenants pay for space after factoring in concessions such as months of free rentare down 44% from their peaks in the first quarter of 2008, according to the midyear report released Tuesday morning by real estate services firm Cushman & Wakefield. Meanwhile, leases for a total of 6.3 million square feet were signed during the first half of the yearthe slowest pace in over two decades.

The report pinned much of the blame for a declining appetite for space. Since the recession began, the city has lost 117,400 jobs3.0% of the total. Nonetheless, Cushman research head Kenneth McCarthy noted that the citys employment decline is less severe than the national average of 4.7% of jobs. He also pointed out that New Yorks job losses have been less than many peopleincluding city officialshad forecast.

In January, it was widely anticipated that New York would lose 300,000 jobs more or less in the current downturn, he noted. Today it is more likely that the total job loss will be more in the range of 250,000.
<SNIP> http://www.crainsnewyork.com/article/20090714/FREE/9071...
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