Some interesting MANHATTAN Commercial Real Estate Market STATS courtesy of Bloomberg: * According to real estate broker Cushman & Wakefield, AVERAGE 4th QUARTER RENTS in Manhattan dropped 4.8% from 3Q08 to $69.44 a square foot
* Total 2008 OFFICE SPACE LEASING ACTIVITY in Manhattan dropped to 19.1 million square feet...the lowest level since 2001
* AVAILABLE LEASING SPACE in Manhattan increased by 43% over year end 2007 to more than 31 million square feet (...AVAILABLE Sublease space in Manhattan more than doubled in 2008 to 8.2 million square feet...)
* Across the entire United States, OFFICE VACANCIES rose to 14.4% during 4Q08...during this time, 'asking rents' actually fell 0.3%
* According to broker Studley Inc, MANHATTAN OFFICE VACANCIES rose to 10.4% during 4Q08...the 1.5% increase over 3Q08 is the largest quarterly increase 'in supply' since the 3rd quarter of 2001
bloomberg.com/apps/news?pid=20601087&sid=aZZvAeQPT
Data Courtesy: Bloomberg
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