New York, NY -- (SBWIRE) -- 07/11/2019 -- Manhattan Office:
Manhattan Office Rental Market saw an average asking rent increase of 0.7% despite 20.8 million square feet of space in the pipeline and more office developments pending.
Announced new deals were down substantially from the same period last year. This could be due to signed leases from a year ago for the retail at Hudson Yards opening along with select retailers previously announcing select new locations. Expect pressure on retail rent pricing to continue.
Expect continued calm as investors await American foreign policy effects and where the fed cuts interest rates.
For the latest market research on New York City commercial real estate, contact Stephen Sunderland. Optimal Spaces releases a monthly analysis of the market, including detailed statistics and graphs.
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Optimal Spaces is an industry leader Tenant Representative firm helping clients looking for office, retail and industrial real estate in New York City. We solely represent our client's interest, unlike most other brokerage firms who represent the landlord's interest. Optimal Spaces offers strategic advice and execution for commercial real estate, corporate brokerage, market research and consulting. Optimal Spaces' brokers are all experts, each with a minimum of ten years in the fields of retail and office. For more information go to our website www.optimalspaces.com.
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