Leasing activity declines sharply in August as summer doldrums take hold

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New York Chart of the week: August 18, 2014

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  • While summer is typically the slowest quarter of the year, leasing activity was brisk in both June and July.
  • August has seen a sharp decline in the number of lease comps recorded. At this rate we would reach 64 total, compared with 72 in August 2013 and 82 in August 2012.
  • The month is not complete, and the process by which comps enter the market may have slowed as well, compounding the effect.

Source: JLL Research

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