A Double Dip? Not in Office Leasing
August 31, 2010
By: Adam Pincus

The grim national housing statistics delivered last month, which renewed fears of a second sharp decline in the overall economy, were not reflected in the Manhattan commercial leasing market -- which continued to improve modestly overall.

"We are not seeing any double dip in office leasing," said Jeffrey Peck, senior managing director at commercial advisory firm Studley. However, he noted, "we are also not seeing any tremendous strength." ...

... Midtown

Studley's Peck said tenants are more willing to make long-term commitments than they were a year ago, but these days they are being more penny-pinching with their space.

"They are doing more with less," he said, adding that some companies are trying to limit their footprint by arranging employees at workstations on long common tables, each with their own chair.

"[Tenants] are becoming more efficient with their utilization of space," he said, noting the system is called "bench seating."

Peck also recently brought a new tenant into the market beginning last month. He would not identify the client except to say that it is a financial firm in Midtown that is seeking between 75,000 and 100,000 square feet. ...

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