According to a study by Studley Inc, asking rents for buildings at the one-time mecca of global finance have fallen to among the lowest in Manhattan after ranking as some of the priciest as recently as 2008. Wall Street landlords are seeking rates about 18% less than the city average, hurt by years of exodus by financial firms looking for bigger, more modern offices.

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Here is a facinating short video of how the construction of the World Trade Center in Manhattan will progress.

Good news regarding the office space market seems to be abundant now-a-days. I was just reviewing my Google alerts for office vacancy and office space and came across quite a few positive headlines.  Here are a few:

Jobs will fuel an office market recovery
Michigan Business Review - MLive.com

Twitter hunts for Manhattan office space
The Real Deal New York (blog)

Dubai office occupancy set to go up
Zawya

Manhattan Business Center Expands by Opening Fourth Office Center
DigitalJournal.com (press release)

Record Occupancy Levels for Birmingham Office
officebroker.com (blog)

Brisbane office market bounces back
Queensland Business Review

Commercial real estate recovering
Daily Press

Key Economic Indicators Hint At Local Recovery
SF Weekly (blog)

Recession over--sort of--and recovery underway
STLtoday.com

Office spaces outside of CBD to yield higher rents due to growing demand
Channel News Asia

Amazon's Hiring Spree Will Fill 1.7 Million Square Feet of Office Space in Seattle
All Things Digital (blog)

Office take-up in Edinburgh increased significantly in 2010
Free Office Search

GSA posts 255,000 SF office space requirement
Washington Business Journal

Nordstrom leasing more space from art museum
Seattle Times

Liverpool hindered by a lack of grade A office space
Liverpool Daily Post

Not bad for just a week’s worth of news. Let’s hope this trend keeps going forward.

Despite having found 8,000 empty desks the City of New York will be forced to rent 582,000 square feet of office space in Building 4 of the World Trade Center when it is completed in 2014. The empty desks can be used to estimate that the City has over 1,000,000 square feet of excess office space, also know as shadow office space. The question is will they actually occupy it or sublease the prime office space. Their contract price is $56.50 / sf. The timing could be good for the come-back of the Manhattan office space market as the recession continues to improve. Source

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"New York City doesn't have enough big chunks of office space to go around for all of the major tenants who are looking. According to Crain's, there are 24 tenants currently on the hunt for at least 250,000 square feet in New York City and only 29 available blocks that fit the bill. But Cushman & Wakefield data shows that only 12 of those spaces are in the coveted Midtown area, and brokers say the crunch is shifting the office leasing market in landlords' favor."

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