Report: Manhattan real estate market loosening up
The credit crisis is having serious impacts on many different markets. It now appears the crisis is softening up Manhattan's commercial property market. As a Bloomberg story chronicles today ...
"Manhattan office rents fell 2.2 percent in the second, the first decline in the most expensive U.S. office market since 2005, according to real estate broker Studley Inc.
"The decline was 4.4 percent for Class A office space, according to a preliminary second-quarter New York market report by Studley, which represents tenants. The broker blamed a 'malaise' among Wall Street securities firms, which hadn't previously stopped the rise in rents, in a report by Steven Coutts, Studley's senior vice president for national research services. The full report will be released next week."
Also from the story: New York City's Independent Budget Office recently forecast that the city would shed 33,000 jobs in the finance industry, good for a drop of just over 7% from the 2007 peak.
"Manhattan office rents fell 2.2 percent in the second, the first decline in the most expensive U.S. office market since 2005, according to real estate broker Studley Inc.
"The decline was 4.4 percent for Class A office space, according to a preliminary second-quarter New York market report by Studley, which represents tenants. The broker blamed a 'malaise' among Wall Street securities firms, which hadn't previously stopped the rise in rents, in a report by Steven Coutts, Studley's senior vice president for national research services. The full report will be released next week."
Also from the story: New York City's Independent Budget Office recently forecast that the city would shed 33,000 jobs in the finance industry, good for a drop of just over 7% from the 2007 peak.
posted by Mike Larson at
11:10 AM
1 Comments:
Mike,
Do you think NYC is a leader or laggard (vs. other major CRE markets and/or the country as a whole) in this trend?
-G
By
Anonymous, at June 27, 2008 at 2:45 PM
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