The beleaguered Wall Street-area office market saw a gentle ray of hope with a CBRE report that found relatively robust leasing in May.
The market saw 321,000 square feet of office deals last month, based on CBRE — 17% ahead of the five-year monthly average of 274,000 square feet.
The Wall Street-area office market saw 321,000 square feet of office deals last month, based on CBRE. Paul Martinka
12 months-to-date leasing (including subleases) of 1.02 million square feet was 26% over the identical period in 2023. Net absorption totaled 667,000 square feet up to now in 2024, while availability ticked down 10 basis points in May to 22.7 from April.
Not one of the latest deals or subleases were monumental in size, however the Wall Street area will take the incremental improvement.