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NYC Office Reaps Benefits of Job-Growth Velocity
The New York City economy continues to outpace both the state and nation in terms of private-sector job growth—by a wide margin, in the case of New York State. That has favorable implications for the city’s office landlords, according to Avison Young’s Second Quarter 2019 Office Leasing report.
“The greatest employment gains were seen in the educational and health services sectors, while continued job increases were also noted in professional and business services, information and financial activities,” said Mitti Liebersohn, president & managing director, NYC operations, with Avison Young. “These gains have translated into strong office leasing velocity across the Manhattan market.”
For Q2, with April representing the highest-volume month so far in 2019, office leasing volume of 10.3 million square feet represented a year-over-year increase of 6% from 9.7 million square feet for the year-ago period. Renewals accounted for a third of the activity, Avison Young reported.
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- ◦Economy
- ◦Lease
