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Entries Tagged as 'Manhattan Office Space'

Good News on Office Space Recovery Continues

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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.

Commercial Real Estate , Manhattan Office Space , New York Office Space , Office Building Sales , Office Relocation , Office Rental , Office Space , UK Office Space

City To Rent Office Space at WTC 4 in 2014 Despite Excess Space Now

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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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Shortage of Large Office Space For Lease in Manhattan

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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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1WTC Update - Halfway to the Top

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One World Trade Center construction reaches the 52nd floor, half way up to the top.

 

Manhattan Office Space , New York Office Space

Slow Recovery for US Office Space Market Beginning

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According to an recent article at Reuters.com, the US is approaching the turning point in the office space downturn and should start to see a slow recovery over the next couple of years.

"The U.S. office vacancy rate is expected to peak in the middle of next year at 16.8 percent, as it did in 2003, and is expected to fall very slowly to 16.4 percent by the end of 2011 and to 15.3 percent by the end of 2012, according to CBRE Econometric Advisors.

Real estate research firm REIS Inc also sees a slow office recovery. REIS sees the U.S. office vacancy rate peaking at 17.7 percent at the end of this year and then slipping to 17.4 percent by the end of next year.

"There's nothing in the job market that's pointing to a quick lease-up of space," said Victor Calanog, REIS director of real estate."

The good news is that the bottom appears to be near.  The bad news is that it will be a long slow recovery that will most likely parrallel the economic recovery of the US.

There are a few major markets that are already seeing good improvement. Both Manhattan and Washingtom DC has seen a lot of leasing activity. Ironically, they are the two most expensive markets in the US.

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