Unfortunately for Downtown landlords, however, the demand for Downtown office space has shrunk by even more than 35%. Quality-of-life issues appear to be the impetus behind the exodus from lower Manhattan.

Young people from Betteshanger, Northbourne and Holden have visited the former colliery andtip sites at Bette hanger now owned by SEEDA and given their view on how future development should proceed. Traditionally, during cyclical downturns, the Downtown market has fared worse than the Midtown market. New York City’s office markets are feeling the ill effects of the national recession, just like virtually every other office market. Net, net: the demand for Midtown office space has held up reasonably well, while the demand for space in downtown Manhattan has sunk like a stone.

Typically, today’s trends in the amount of available space foreshadow tomorrow’s movements in the vacancy rate. Asking rents for downtown space are likely to continue falling and, we suspect, will bottom out in the low-to-mid $30s. In a condition, for case, how conveyancing company costs in melbourne this you will have secured, yet got no further forward. We’re more sanguine about the Midtown office market.

Allowing for a modest decline in demand in coming months, we are looking for the vacancy rate in Midtown to peak at 8-or-9% next year, from 7.2% just prior to September 11th. Asking rents for Midtown space are likely to slip slightly during the next year or so, but we’re expecting them to stabilize in the mid-$50s from their current level of $59-to-60 a foot. Our projected rent levels suggest that the disparity between Midtown and Downtown rents will widen to around $25 next year.

The study examines the effects of historical baseline vacancies in the CBD and the interaction and effect several upcoming large tenant relocations have upon those baseline downtown vacancies. In addition, the report takes an early look at the ramifications to the office leasing market of the rather massive Enron bankruptcy under a Best/Middle/Worst case scenario in order to assess the extent of the vacant office space by year-end 2002. Currently, Enron Corp. occupies nearly 2 million square feet in the Allen Center buildings, including Four Allen Center in its entirety and 575,000 square feet in Three Allen Center.

Along with the previously planned vacancies in 500 and 600 Jefferson, thus producing approximately 575,000 square feet of vacancy in the Allen Center conglomerate during 2002. Bette hanger Site Manager Ian Parker, who worked on the site when it was an active mine, andJerry Smith, Youth Worker from Kent County Council, showed the young people around the site.