The leasing market is gradually improving according to recent data. Overall, there were 1.7 million square feet of new leases signed in Manhattan last month, up from just over 1 million square feet in August 2009. The vacancy rate for Manhattan fell by .2 points to 10.9 percent in August from a peak of 11.6 percent in the first quarter, while the average asking rent rose by 15 cents per foot to $54.14 per square foot. However, the volume of new space has slowed. However, the volume of new space leased in Midtown slowed to 1.1 million square feet last month from an average of about 1.6 million square feet over the prior five months -- which was the most active period of leasing since the second half of 2006.
My team and I are doing very well in the current economic environment as our focus is on lowering tenant's lease costs. The recent economic data points to a slowly economy and overall business sentiment is not favorable. Thus, companies continue to look for way to improve overall performance by lowering lease costs and increasing efficiency of used space. The following are seven real estate cost reduction strategies:
http://www.cresapartners.com/blog/2010/08/seven-real-estate-cost-reduction-strategies/
We recently picked up assignments for one of the nation's largest private investors, a top fashion company, a cutting edge on line luxury retailer and a hedge fund. We are working with professional services firms and other firms including banking, investment, insurance, law, media, technology, fashion and health care. Please feel free to contact us for a consultation. We have been able to save enormous amounts of money for our clients and we would enjoy discussing possibilities to lower your company's lease costs. Thanks.
All my best,
Joseph
