Manhattan Market Report

Nationwide Demand for Office Space Surges in Q4, but Manhattan Leasing Activity in 2012 Lags Compared to 2011

Credit: The Port Authority of New York and New JerseyThe Durst Organization

Demand for office space across the nation surged in the fourth quarter of 2012, with New York placing second only to San Francisco in terms of rent growth, but new office leasing in Manhattan for 2012 failed to rival 2011’s breakthrough performance, the latest industry data shows.

U.S. office markets absorbed 20.1 million square feet in the fourth quarter, up from 7.1 million square feet in the third quarter, which resulted in the strongest quarter of demand for office space since pre-recession 2007, according to Q4 2012 data from Cassidy Turley. Read More