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Article: Does repricing signal market bottom?
- Article from:
- Real Estate Weekly
- Article date:
- June 24, 2009
CopyrightCOPYRIGHT 2009 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Midtown office space has been largely repriced, effectively signaling the approach of a market bottom and providing a view toward recovery beginning in 2010 when elevated lease expirations should spike activity, according to a report issued by CB Richard Ellis Research.
The report, Midtown Office Leasing: A Market in Transition--June 2009, finds that with most experts predicting an end to the recession in the second half of this year, and the impact of current and future sublease space having been factored into pricing, tenants considering Midtown office space are beginning to make decisions to renew or relocate within that market.
"We have seen a 28 ...