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Lower Manhattan Off to Strong Start in 2014 [Updated] BETABEAT POLITICKER GALLERIST COMMERCIAL VSL POLITICKERNJ Search CO GO Wired City Lease Beat Sales Beat Food & Drink FEATURED: ACCOUNTING ISSUE 2014, MO’S TOP 50 LIST, POWER 100, 30 UNDER 30, OWNERS MAGAZINE LOWER MANHATTAN 2014 Follow Like 718 Lower Manhattan Off to Strong Start in 2014 [Updated] BY LAUREN ELKIES SCHRAM 3/04 11:03AM Like 13 Tw eet 17 Share 1 Share 0 submit Email The downtown office market is continuing to draw tenants from Midtown and Midtown South, reversing historic trends, according to CONNECT WITH US new data from Cushman & Wakefield. Sign up for our Newsletter SEND The leasing velocity in lower Manhattan in Send an anonymous tip SEND January was 740,668 square feet. [Update: Cushman & Wakefield originally erroneously said the leasing velocity was 592,959 square Subscribe to Mortgage Observer Weekly ➦ feet.] The latest breaking industry updates and news—delivered “I expect some major leasing announcements directly to your inbox every Friday morning downtown early this year, putting us well on Cushman & Wakefield Executive Vice Chairman Tara our way to reaching 5.5. [million] to 6 million Stacom square feet or even surpassing this level,” said Cushman & Wakefield’s Tara Stacom in a prepared statement. “This pace of leasing activity will likely become the new norm for lower Subscribe to the Commercial Observer in Manhattan.” Print ➦ The latest news, interviews Lower Manhattan has become appleaing to tenants of all sizes due to its varying types of office and in-depth analyses for buildings and cheaper rents. those engaged in the New York commercial real estate industry Average asking rents downtown are $48.26 per square foot versus $69.52 per foot in Midtown and $62.61 a foot in Midtown South, Cushman data indicate. Also, downtown now has a solid transportation infrastructure and proximity to new hotels, restaurants, retail and residents. CO Now Email Archives ➦ This year’s figures are in keeping with the recent past. RECOMMENDED FOR YOU As Commercial Observer previously reported, commercial leasing in lower Manhattan was strong in the fourth quarter last year, marking the best-performing quarter since 2006, according to a report from Alliance for Downtown New York. Cushman expects vacancy rates to drop by about 20 percent over the next few years to 12 percent in 2017, due to an increasing demand for Class A office space, and rents to rise 20 percent to $64.73 per square foot. FOLLOW LAUREN ELKIES SCHRAM ON TWITTER OR VIA RSS. [email protected] Top 7 Credit Cards For 5 Ways to Reboot your Those With Excellent Relationship for Spring Like 13 Tw eet 17 Share submit Share 1 0 Credit ProFlow ers.com Next Advisor Email TAGS: CUSHMAN & WAKEFIELD, LOWER MANHATTAN 2014, TARA STACOM You May Like Sponsored Content by Taboola Why You Should Color Your Gray at Home Related Erecting Rental Park51′s Home Faces Hair Color for Women Building Adjacent to Wrecking Ball [Updated] Abington House [Updated] The Key to a Fun Family Dinner Night Promoted Content by Taboola Around the Table 9 Top Stocks to Buy in 2014 Popular on CO The Motley Fool Planet Fitness Lunges into Union Square Enhancing a Commercial Real Estate Career Through Reading 10 Quick Ways to Tell your Job Might be in Jeopardy Keycode InterContinental New York Barclay Receives Deutsche Bank Loan MoMA Files $1.6M Plan to Raze Folk Art 13 TV Shows We Loved That Got Cancelled Building on W. 53rd Street Suggest.com Morrison & Foerster Moving in at 250 West 55th Street Common Misconceptions About Irregular Heartbeat Remedy Health From The Web From The Commercial The One Site You Need to Discover New Books OIbvys Leeargvuerrs Soon To Dine Al Fresco at Harvard Club (Bookw orm Tips) Scott Spector Top 6 sporty used cars under $25,000 (Bankrate) Winton Capital Signs Lease at the Who Inspires You? Amazing, Hard-to-Believe, Perfectly Timed Seagram Building Photos – Taken at Just t… (Amazingly Timed Photos) The Tide is High: Jamaica, Queens Could Mark Schnurman Become a Destination in its Own Right Why Subwoofers Blow: Slam, Bang, Pop, and Keeping Score With the Right Metrics Sizzle (Crutchfield) Deutsche Bank Originates $185 Million CMBS Loan for Luxury Manhattan Hotel Stop Faking it, Get Gorgeous Brows Today Robert Knakal (Dermstore) Morrison & Foerster Moving in at 250 West Enhancing a 55th Street Commercial Real Estate Career Promoted Content by Taboola Through Reading Richard Persichetti Plaza District, While Add a comment... Nation’s Priciest Submarket, Underperforms Comment Robert Sammons A Shinier Big Apple Facebook social plugin Jeffrey Margolis Dirt Dictionary: F Is for Franchise Leasing.
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