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Strategies & Market Trends : The Residential Real Estate Truly Cleaned Up Forum

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To: Les H who wrote (85)4/7/2012 11:58:53 AM
From: Les H of 677
 
Cheer up, you commercial real estate brokers. As slow as things are out there in the canyons of Manhattan, it’s a lot worse in most other markets around the nation. The national office vacancy rate at the end of March stood at a whopping 17.2%, according to a report from Reis Inc. cited in The Wall Street Journal. That figure is more than eight percentage points above the current rate of slightly over 9% in Manhattan. Where the nation and New York have more in common, though, is on the volume of lease signings in the first quarter. That activity slipped to its lowest ebb in nearly three years nationally, according to Jones Lang LaSalle, about on par with New York’s performance in the period. And for those inclined to set the bar higher and measure themselves against not the norm but the best of the best, take a look at San Francisco. There, in the shadow of the Silicon Valley, the real estate market is doing just great. With space leasing up at a brisk pace, landlords have boosted their asking rents by 5.5% in the last year, according to Reis.

mycrains.crainsnewyork.com
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