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Although, the Manhattan office leasing market has improved drastically since the downturn in 2008, it is starting to plateau. According to the most recent reports, office leasing volume rose by 60,000 square feet to 1.6 million square feet. And, even though the rents have dropped about 25 percent since before the recession, they are now rising (although very slowly) and giving landlords the upper hand.
Brokers say that there are still incentives to motivate clients to sign leases, but they are quickly disappearing. However, the market is flat because according to the Federal Reserve, the economy growth is “disappointingly slow” and the unemployment rate is still quite high. Therefore, the economy and the clients need more incentives to get the leasing market growing at a steady rate.
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