The office leasing market has vastly improved in New York City and the region as well as around the nation. Cushman & Wakefield reported that the overall average vacancy rate for the nation’s central business districts fell to 13.9 percent, its lowest level since mid-2009 and its sharpest annual drop since 2007. Vacancy rates declined in 71 percent of the markets tracked by Cushman & Wakefield, with the strongest drops in Miami, midtown south in New York, and Washington, D.C.
New leasing activity in the U.S. C.B.D.’s was up 43.9 percent from midyear 2010 levels. New leases totaling 41.8 million square feet in office space were signed year to date, the first half of 2011 proving to be the strongest in terms of leasing activity since 1998. In the second quarter of 2011 alone, leases adding up to 23.6 million square feet were signed, the highest three-month total since the third quarter of 2007. Read More