Office leasing off to a roaring start...Crains

Leasing activity has surpassed the nine-year monthly average for six months in a row Leeasing activity is off to a great start this year. Deals for a total of 3 million square feet of commercial office space were signed in February. That's only the sixth time that's happened in the city since Cushman & Wakefield Inc. started keeping monthly statistics in 2002. February's blowout performance... [more]

Leasing activity has surpassed the nine-year monthly average for six months in a row Leeasing activity is off to a great start this year. Deals for a total of 3 million square feet of commercial office space were signed in February. That's only the sixth time that's happened in the city since Cushman & Wakefield Inc. started keeping monthly statistics in 2002. February's blowout performance follows the impressive 2.6 million square feet of space leased in January. Leasing activity has now surpassed the nine-year monthly average of 1.9 million square feet for six months in a row. If the roaring pace holds up, 2011 could go into the records as the best year ever in the Manhattan office market. The record was set in 1998, when 33.1 million square feet were leased. A combination of pent-up demand and companies renewing or moving early to take advantage of recession-lowered rents is driving the activity, said Ken McCarthy, senior managing director of research at Cushman. He noted, however, that job growth needs to continue for leasing activity to keep up its muscular pace. So far, New York has regained 40% of the 140,000 jobs lost during the recession, he said. “I think it is too early to call on whether we'll break the record,” said Mr. McCarthy. “But we definitely have a shot.” Two months down, 10 to go. http://www.crainsnewyork.com/article/20110320/REAL_ESTATE/303209972 Friend of mine layed off in Long Island was just hired by Morgan's IT dept. He's feeling great. Has to be unbearable when you can't pay the bills. [less]