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Wednesday, January 9, 2013

Real Estate News in New York

NY Times Square

The year is just beginning and we already have news about the real estate industry. According to Jones Lang LaSalle, Microsoft has signed a long term lease at 11 Times Square in New York.

The 1.1 million square feet will be divided between office and retail space. Just steps from Port Authority, the 40 story skyscraper was completed in 2011 and already leased 70% of the space.

Meanwhile, in Greenwich village, the famous athletic apparel and shoe manufacturer, Adidas, has taken 15,220sqft at 435 Hudson Street. They will take the third floor and it will be used as a showroom and for marketing purposes. The building is located only 2 blocks north of Houston St.  

The news backs up Cushman and Wakefield’s office leasing report of 2012. The report revealed that year-end, the asking rate had increased 4% year to year and vacancy rate was 9,4%.

The Midtown South market consolidated having one of the highest asking rate, while Downtown NY had a small decrease of 0,7% compared to last year.

Despite economic uncertainty, Manhattan continues to be the ideal place for investors. 

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