Wall Street cuts put office leasing at 3-year low
March 23, 2012
By: Bloomberg News
Manhattan office leasing in the first quarter is poised to be the lowest in almost three years as Wall Street cut jobs and needed less space, according to preliminary data from brokerage Studley Inc. ...
... This year's biggest lease so far is Bank of America Corp.'s renewal of 345,000 square feet at 114 W. 47th St., according to Studley, which specializes in representing tenants. The largest new deal was by Investment Technology Group Inc., for 132,000 square feet at 1 Liberty Plaza, a downtown building owned by Brookfield.
Condé Nast took an additional 133,000 square feet at 1 World Trade Center, the biggest lease by a media company in the quarter, Studley said. In another deal by a creative firm, Digital Generation Inc., an advertising distributor, agreed to rent 86,000 square feet at 1633 Broadway, a tower north of Times Square. ...
... Availability, defined as empty space plus offices that will become vacant in 12 months, was projected to be 10.8% in the first quarter, down from 11.1% in the fourth quarter and 12.2% a year earlier, Studley said. Average asking rents will be little changed from the fourth quarter at $50.06 a square foot. ...
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