Manhattan Monthly Update October 2009 |
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Manhattan vacancy rate remains stationary while Midtown Class A rents are off more than 30% from 2008 peak. Replenishing balance sheets is the top priority for bankers.
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Westchester quarterly report |
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Availability for Class A office properties increased slightly to 20.3% while average asking
price for Class A Westchester office buildings decreased to $26.42 per square foot.
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Fairfield quarterly report |
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The vacancy rate for Class A office buildings in Fairfield County increased to 20.3% this quarter compared to 19.7% last quarter while the average asking price for Class A space has decreased to $38.84 per square foot from $40.18 p.s.f. last quarter.
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Global Market Perspective:
Commercial property crisis eases |
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As the world enters economic recovery and banking systems mend, real estate markets are doing their own healing, but at markedly different paces. Asia's economy is in the lead, thanks to a more-rapid-than-expected rebound and renewed attention from investors. In Europe, improving investor sentiment is driving activity for a specific band of prime real estate. In the United States, commercial property markets continue to struggle amid weak corporate demand and worries about the willingness of lenders to recognize asset value declines.
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