http://www.cresapartners.com/newyork/documents/NewYork_Market_Report-2010-Q4.pdf
Hi All,
We are having a record year on snowfall in January in New York and many of us are dreaming about our vacation getaway if we have not already taken one. I am attaching our Fourth Quarter market report. 2011 may well prove to be the turning point where landlords begin to resist offering bargain rents and flexible lease terms. It may well benefit tenants to renew, modify, extend and add space to their existing leases now while the market is still relatively favorable.
So, hold that thought on the Caribbean vacation and contact us to see how we can help you save money on your office and/or retail lease. A twenty minute “gratis” consultation can save you 20% or more on your real estate costs.
Market highlights are as follows:
- New York City’s unemployment rate has dropped from 10.5% in December 2009 to 9.1% in November 2010.
- For the twelve months ending in November 2010, the city’s employment base grew at a pace of 1.0% adding 37,000 jobs.
- Over the last few quarters, the availability rate has continued to follow a generally downward path.
- The once abundant sublease market is shrinking.
- Leasing activity has been reviving as tenants resume looking for space.
- 2011 may well prove to a big turning point in the market.
All my best,
Joseph
