Download CresaPartners Market Report 1Q2011
Hi All,
I am attaching CresaPartners first quarter real estate report for review.
The Manhattan market continues to be strong as firms position themselves for growth. Manhattan’s unemployment rate has steadily declined. It was 7.8% in February which is down almost a full percentage point from the prior year. Leasing activity has been robust as availability rates have decreased and asking rents have risen. However, absorption has not kept pace with leasing volume. Deals are getting done, but as a result of alternative workplace strategies, including mobility and desk sharing, firms are not growing as rapidly as they have in other recoveries. Please see report.
My team and I had an exceptional first quarter. We are working on a two million square foot assignment for one of the nation's largest telecom companies. We are also working with top investment, fashion, technology and media, law, health care and professional services firms. As a result of increasing pricing power on the part of landlords, it is more important than ever to have a tenant advisor to help you navigate the market and the complex world of commercial leases.
Please feel free to contact us for more information. Thanks.
All my best,
Joseph
