Commercial real estate brokers say privately that they can’t remember such a pitiably slow season for leasing or for sales.
The recent collapse of what should have been a no-brainer auction of the Flatiron Building, when the high bidderCBRE’s first-quarter survey confirms that if not for a fewCommercial real estate sales have been slumping this quarter.The only good news was that Manhattan renewals totaled 1.49 million square feet, up a whopping 72% over 1Q 2022.. ; Cadwalader at 200 Liberty ; and CBS at 555 W. 57th St. .
But total leasing activity of 3.85 million sf was 35% behind the five-year quarterly average of 5.89 million sf. Availability inched upward to 19.7 over the fourth quarter and net absorption was negative 1.86 million sf. Mike Slattery, CBRE director of New York tristate research, said the pattern was “common during times of uncertainty.”
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