Colliers: Global Markets to Fuel NYC Recovery
- Dec 10, 2010
December 10, 2010
By Allison Landa, News Editor
Low interest rates and an ascendant role in the global marketplace are expected to play a major role in New York City’s recovery next year. That’s according to Colliers International’s 2011 Forecast, which projects that the Big Apple’s economy will continue to outperform the nation in the coming year.
According to Colliers Tri-State chief economist Peter Kozel, New York continues to function as a major growth engine, with the local economy a major beneficiary of capital markets activity. Kozel said no other U.S. city will profit from the global economic rebound as much as New York.
He added that New York is in line with global peers such as London, Tokyo and Hong Kong.
Meanwhile, year-over-year fundamentals have improved in the office market, with average asking rents increasing in the Midtown North and Midtown South submarkets. However, the Downtown submarket is still struggling, with an availability rate of 16.2 percent. That’s up from 12 percent in the fourth quarter of 2009. Additionally, the average asking rate declined to $36.8 per square foot from $38.6 per square foot the previous year.