August 12, 2019 Comments Off on NYC Growth Outpaces U.S. GDP Gains Views: 1024 New York News, Top New York

The news is mostly good for New York City’s economy generally, and commercial real estate especially, in City Comptroller Scott Stringer’s latest report. Stringer reported that the city’s economic growth outpaced the nation in the second quarter, with gross city product increasing by 3.4%, compared to 2.1% growth for U.S. GDP.

Stringer’s economic update shows that the city experienced solid job and earnings growth, notably a growth in average hourly wages of 4.4%. Hiring grew by 2.6% on an annualized basis, although largely in industries paying less than $62,000 per year.

New commercial leasing activity in Manhattan increased by more than 10 million square feet in Q2, representing a year-over-year increase of 21.5%. Overall rental rates increased to $74.15-per-square-foot.

However, despite the increase in new commercial leasing, Manhattan’s overall commercial vacancy rate increased to 10.5% in Q2 from 92% a year ago, according to the comptroller.

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Tags: Economy, Employment, Lease

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NYC Growth Outpaces U.S. GDP Gains

Paul Bubny