Downtown NYC finally seeing uptick in leases – Business News
The Manhattan office-leasing surge that’s principally been concentrated in Midtown is finally serving to to carry the boat downtown.
JLL stories that leasing quantity and rents throughout the district’s 95.6 million sq. toes elevated noticeably in the third quarter over the identical period final yr.
JLL stories that downtown leasing quantity and rents elevated noticeably in the third quarter from the identical period final yr. Getty Images
Vacancy fell a full proportion level to 23% whereas asking rents elevated 3.1% to $59.56 per sq. foot.
Michael Colacino, JLL’s president of tristate brokerage, mentioned, “The big story this month is Downtown’s comeback, with activity nearly double last year’s. All of this points to a market where acting early will matter, as rents rise and the best spaces get snapped up quickly.”
The largest deal downtown was for 55 Water St. Google
The largest deal was a direct lease for financial firm GFI Group for 112,783 sq. toes at 55 Water St. — more than doubling its earlier space in the tower.
Of course, what downtown actually desires is information of Larry Silverstein’s talks with AmEx over a potential settlement to finally get 2 World Trade Center off the ground. Everyone with even the least awareness clams up nervously when requested about it. But after two earlier non-binding agreements on the web site fell via, don’t count on to listen to something credible till a contract is signed with no escape clause.
