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Ken McCarthy

Market Perspective

Summer Doldrums?

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I started working in the commercial real estate industry in the summer of 2006 and throughout my nearly eight years in this business I have always been told that there is a seasonal pattern to activity in the Manhattan office market. The beginning of the year into the spring is busy, activity falls off in Read More

Market Perspective

Don’t Count Midtown Out

It’s in vogue these days to point to the strength of the Manhattan office market below 34th street and discount the importance of the Midtown Manhattan office market. Certainly, there has been strong growth in demand leading to healthy rent increases in Midtown South and the markets below 34th Street have seen strong leasing activity Read More

Market Perspective

The City vs. The Suburbs

You can feel it when you walk around Manhattan these days. The city seems more vibrant, more active than ever before. In fact, this is more than a feeling; it’s the verified truth.

Earlier this year the U.S. Census Bureau reported that the population of New York City reached a record high in 2013 of Read More

Market Perspective

January Office-Using Employment Starts Strong

New York City office-using employment jumped in January. In addition, the latest revisions to the employment statistics for 2013 show an office sector that was stronger than initially reported. The revisions indicate the creative industries that have led the office recovery continued to do so in 2013.

Office-using employment increased by more than 4,000 jobs Read More

Market Perspective

Downtown Manhattan Continues to Surprise

The third quarter of 2013 is in the books, and it looks by most measures to have been a pretty average quarter. Leasing volumes were average, asking rents were, for the most part, flat, and vacancy rates drifted higher.

The biggest surprise in the statistics was in the Downtown market. While vacancy rose from second Read More

Market Perspective

Some Needed Perspective on Sluggish Leasing

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The Manhattan office market has been sluggish over the past several months.

While leasing volumes have been above average, vacancy rates have increased in all three of the major markets that make up Manhattan. In August, the Midtown vacancy rate was 11.2 percent up from 9.4 percent at year-end 2012, the Midtown South vacancy rate Read More