Large Relocation Deals in Manhattan Fall by 70 Percent, Data Shows
January 8, 2010
By: Adam Pincus

The volume of new relocation deals for large blocks of office space in Manhattan fell by 71 percent in the fourth quarter of 2009 from the third quarter, as tenants chose to remain in their current locations instead of move, data from commercial real estate firm Studley, prepared for The Real Deal, show. ...
 

... Steven Coutts, senior vice president of research at Studley, said tenants were opting to stay to save money.

"Although there are some great deals out there to move, most don't want to take the expense to take advantage of it," Coutts said. "The majority of deals are renewals and downsizing." ...
 

...Overall, the availability rate in office buildings rose by .3 points to 13.5 percent, while the average asking rent fell .9 percent to $50.51 per square foot, from the third quarter to the fourth quarter. ...

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