CB Richard Ellis January 2010 Manhattan Marketviews
New York, NY – January 19, 2010 – CB Richard Ellis released its Manhattan Midtown, Midtown South and Downtown MarketViews today. Among the findings:
MIDTOWN—In 2009's strongest month of leasing, December recorded 1.60 million square feet of activity, outpacing the five-year monthly average of 1.23 million sq. ft. by 30% and capping off a strong half of the year. During the final months of 2009, Midtown produced 8.27 million sq. ft. of leasing, or 1.24 million sq. ft. per month on average. By comparison, during the first five months of 2009, leasing activity averaged 590,000 sq. ft. per month.
MIDTOWN SOUTH—Closed out 2009 with a strong month of leasing, recording 320,000 sq. ft. of activity in December, 14% more than the five-year monthly average of 280,000 sq. ft. This brought the full-year leasing total to 2.27 million sq. ft., 12% off 2008's 2.58 million sq. ft., and the lowest full-year leasing level since 1992.
DOWNTOWN—Continued to underperform its five-year monthly leasing average, with 280,000 sq. ft. of activity in December, compared to the average of 390,000 sq. ft. December's activity brought the full-year total to 2.89 million, sq. ft., falling short of 2008's 3.11 million sq. ft. by 7%.
[Full Manhattan Marketviews Attached]
You can find this and other CBRE New York Tri-State Region Communications and Research information at
www.cbre.com/nytristatemediamagnet.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company three years in a row. Please visit our Web site at www.cbre.com.
