Posted Feb 15, 2008, 12:55 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
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An interesting piece of info concerning Downtown's rebound...
http://downtownexpress.com/de_250/mixeduse.html
Midtown under Downtown
The ongoing street fight between the Downtown and Midtown office markets has tipped in favor of Lower Manhattan with the recent announcement that its vacancy rates have dipped lower than its rival for the first time in over six years.
The Downtown Alliance stated in its year-end report that Lower Manhattan posted an overall availability percentage rate of 7.6 in 2007, compared to 7.7 for Midtown — besting the sub-market for the first time since Sept. of 2001. At the end of the fourth quarter last year, 184 firms had relocated to Downtown since early ’05, totaling more than 4.2 million square feet in leasing activity. Over 412,000 square feet of these relocations occurred in that final quarter, the report added.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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