A jump in Manhattan office leasing activity in July indicates more resilience in New York’s commercial real estate market than recent data has suggested, with asking prices poised to surpass their record high in 2008. Data showing more companies are renewing their leases rather than moving to a new location have been seen as a sign of market weakness because a move is more costly than signing a new lease. Of 26 leases for 100,000 square feet or more through June of this year, 16 were for renewals compared with just 10 renewals for the 25 deals struck in the same six-month period last year.
Read more: Economic Times
