A Fresh Take on CRE

NY Office Market Continues to Show Signs of Stability—Grubb & Ellis Second Quarter Trends


Second Quarter 2010 Office Market Highlights:

• Vacancy experienced its first decline since 2008

• Available supply is at a 15-month low

• Mid-year leasing activity is up 20 percent year-over-year

• Demand for large blocks of space increased—five deals greater than 250,000 square feet were signed

• Overall direct rents dropped in Manhattan—Midtown Class A asking rents rose for the first time in nine quarters

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