The Eastern Consolidated just released its third quarter market report today and the numbers are in! It's looking like the Manhattan commercial real estate market is on the rise. The stats read that sales volume during the first three quarters of 2010 hit $9.4 billion...already surpassing activity during the whole of 2009, when just $5.8 billion worth of transactions were completed. The report shows employment across the five boroughs is improving, and in just the third quarter, 19,000 private sector jobs were added.
The CEO and chairman of Eastern's,Peter Hauspurg, stated "At this time last year, we could barely see the light at the end of the tunnel...but this quarter's statistics confirm that we are now clearly out of the tunnel." This is definitely great news for the industry and everyone tied to it! See the full report here