Posted by The recession pushed leasing activity in Manhattan to its lowest level in a decade last year with only 16.3 million square feet rented, a 15% drop from 2008, according to a report released Tuesday.
The dearth of deals pummeled rents, which fell to their lowest point since the first quarter of 2007, according to Cushman & Wakefield Inc. Asking rents fell to $55.52 per square foot in the fourth quarter of 2009, a 24% slide from the market peak of $72.97 a square foot in the third quarter of 2008. In the first quarter of 2007, rents hit $53.43 a square foot.
Meanwhile, the vacancy level jumped to 11.1%, up from 8% at the end of 2008.
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