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Old Posted Jan 20, 2011, 4:29 AM
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Leasing activity surged 44% to 24.2 million square feet, and the availability rate dropped to 12.6% from 14.2% in 2009. Overall asking rents slipped slightly to $48.32 a square foot, although they were trending higher at the end of the year. Brokers noted some landlords in midtown were starting to raise rents and cut back on concession packages such as free rent.

All the leasing combined with a lack of new development means very large tenants have few options in midtown. There are only eight blocks of space currently on the market with more than 250,000 square feet. That could push tenants to consider looking at the proposed Hudson Yards development or downtown, said Patrick Murphy, a CBRE vice chairman. He added that Boston Properties is having discussion with some tenants that could push the developer to resume construction of its office tower on West 55th Street, which was mothballed during the recession.
NEW YORK. World's capital.

“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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