Manhattan, Los Angeles and Philadelphia office markets recover in January

Manhattan, Los Angeles and Philadelphia made the most progress in office market recovery in January based on a composite index of leasing activity, tenants in the market and sublease space availability, according to CBRE.

Six of the 11 markets tracked by CBRE had increases in their Leasing Activity Index, led by Philadelphia (44 points) where two large leases were signed by finance & insurance companies. Washington, D.C.’s index fell by 37 points as federal government leasing slowed and business leasing activity fell.

Manhattan remained the leader for tenants in the market (TIM) but its index level fell by 5 points for the month. Five of the 11 markets saw increases in their TIM Index levels, led by Dallas-Fort Worth (10 points).

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