Stoler On the Suburban Markets Right Now
August 12, 2011
By: Michael Stoler

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. ...

... Studley reported that midtown rents for the highest-quality offices rose 21.8 percent over the past three quarters as financial firms took space in Manhattan. ...

... Studley reported that the Long Island office market (which includes Brooklyn and Queens) ended the second quarter with an availability rate of 15.3 percent, a decrease of nearly 1 percent from one year ago. Net absorption for the quarter was a positive 387,362 square feet as compared to negative absorption of nearly 100,000 square feet for the same quarter last year. Class A properties reported an availability rate of 17.4 percent, with total leasing activity of 1,145,970 square feet, up quarterly by nearly 100 percent but down relative to leasing activity for the same period last year (1,253,695 feet). ...

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