Manhattan Office Market Cools With Tenants Hesitating on Deals
- Leasing slips from last year's aggressive pace, Cushman says
- Space absorption turns negative for the first time since 2013
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Manhattan’s office market cooled in the first quarter as financial turmoil limited leasing deals, while landlords put more space up for rent than tenants took.
Leasing totaled 6.6 million square feet (613,000 square meters), down from 7 million square feet a year earlier, according to data from brokerage Cushman & Wakefield Inc. About 806,000 more square feet of offices entered the market than were leased, the first time since the third quarter of 2013 for what’s known as negative absorption.