NYC leasing exceeds historical average for eighth straight quarter
July 22, 2011

New York City trails only Dallas/Forth Worth and Washington, D.C. in its recovery rate for office-using employment, according to a Studley office and space data report released yesterday.

The city has a 49.9 percent recovery rate compared to Dallas/Fort Worth's 67.9 percent and Washington, D.C.'s 60.5 percent, the report states. The 49.9 percent rate indicates that the city has regained its position as one of the top performing economies in the U.S over the last several quarters, the report notes. New York City leasing exceeded its historical average of 7.3 million square feet for the eighth straight quarter, totaling 8.8 million square feet. Recent leasing activity at 1 World Trade Center and 250 West 55th Street indicates robust demand, the report shows. Class A rents increased for the third straight quarter, rising by 6.2 percent to $64.41 per foot. Total availability fell by 3.8 million square feet during the second quarter -- the largest quarterly decline since the first quarter of 2008. ...

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