Grubb & Ellis 2nd Quarter 2009 NYC Market Update

Second Quarter 2009 Office Market Highlights:
• Manhattan availability rose 90 basis points in the second quarter to 14.5%
• Direct Class A average asking rents are down 19% from their 2008 market peak
• Lack of tenant demand caused leasing activity to drop 40% compared to the same time last year
•Negative absorption totaled 6.1 MSF in the first half of 2009, 50% more than recorded in 2008

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