Midtown Drives Market According to Cassidy Turleys June Manhattan Market Report

New York, NY (PRWEB) June 13, 2013

Cassidy Turley, a leading commercial real estate services provider in the U.S., released their June Manhattan Market Report, which indicates Midtown is experiencing a strong recovery and Midtown South tightens even further. The picture is not nearly as bright for Downtown as more space is added. Encouraging employment figures and job creation continue to push the market upward. Manhattans net positive absorption was 860,316 square feet in May.

Demand for space in Midtown has picked up with positive absorption up over half a million square feet year-to-date. In May, 621,993 square feet of positive absorption was reported, dropping the availability rate down to 11.6 percent. The Fifth/Madison submarket improved considerably over the last two months as leasing activity picked up. In addition, the demand for high-end space with a growing number of tenants willing to pay more than $ 100 per square foot (24 such leases were signed so far this year compared to 34 throughout 2012) produced a drop in availability to 13.0 percent since the peak in February 2013 of 15.1 percent.

More good news for Midtown South as the submarket continues to lead the way in recovery with availability dropping to 8.4 percent. Class A asking rents were up $ 0.07 per square foot to $ 69.34 and Class B up $ 0.76 to $ 57.98 per square foot.

News of a large block of office space coming onto the market pushed Downtowns availability rate up to 14.3 percent in May. Class A asking rents dipped $ 0.81 per square foot to $ 52.61 and Class B inched up $ 0.13 to $ 36.21 per square foot.

By interpreting the increases or decreases in the market and applying that information to our clients business goals, we are able to consistently provide best-in-class service, comments Peter Hennessy, President, New York Tri-State Region Cassidy Turley.

About Cassidy Turley

Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clientsfrom small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $ 22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate servicesincluding capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit http://www.cassidyturley.com for more information about Cassidy Turley.


Highest # of 4Q Sales in 25 Years, Lowest Inventory In More Than A Decade, Douglas Elliman 4Q Manhattan Sales Report Shows

New York, NY (PRWEB) January 03, 2013

Douglas Elliman today released its Elliman Report: Manhattan Sales 4Q 2012, which showed that Manhattan closed out 2012 with the most fourth quarter sales in 25 years and the lowest amount of inventory in more than a decade.

Weve had a lot of activity at the end of the year, as we anticipated, said Dottie Herman, President and CEO of Douglas Elliman. Tax planning in advance of the fiscal cliff, rising rents, an improving regional economy and record low mortgage rates were some of the key reasons for increased sales in the quarter.

Housing prices remained stable through the year, but listing inventory fell to its lowest level since 2001, when we began tracking it, said Jonathan Miller, President/CEO of Miller Samuel, who produced the report in conjunction with Douglas Elliman. Tight credit is one of the key reasons for this fall in inventory as sellers, when they sell, become buyers.

Price indicators were mixed during the fourth quarter, said Miller. The overall takeaway from the fall of 2012 is that record sales and falling inventory could very well result in rising prices of homes in 2013.

Manhattan remains one of the best housing markets in the United States, added Herman. We continue to be impressed with the depth and strength of the New York City residential marketplace and look forward to an active 2013.

About Douglas Elliman Real Estate

Douglas Elliman Real Estate is New Yorks largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons and Westchester/Putnam, more than 4,000 real estate agents and a network of national and international affiliates. They are exclusive strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, 2010, and 2011. The company also controls a portfolio of real estate services, including Manhattans largest residential property manager, Douglas Elliman Property Management, as well as DE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at http://www.elliman.com

About Miller Samuel

Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $ 5,000,000,000 in the past year. The company’s clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm has authored this report series since 1994. For more information visit http://www.millersamuel.com.

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Commercial Real Estate Collapse – Midtown Manhattan

From the October 6, 2009 PBS “News Hour.” One sees this every day. Storefronts on Park Avenue South where overpriced restaurants sat two years ago are empty with “For Rent” signs, something one never saw in such neighborhoods. Traditionally in NYC, property changes hands in private deals, never through the posting of rent signs. With 1% down payments, commercial real estate makes the subprime meltdown look outright responsible.
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