ECONOMIC INDICATORS NY

● Private employment fell by 5,900 jobs in December 2007, after a decrease of 1,300 jobs in November. (Source: New York State Dept. of Labour)

● The unemployment rate rose to 5.4% in December 2007, from 5.1% in November. (Source: New York State Dept. of Labour)

● The NYC hotel occupancy rate in December 2007 was 85.1%, down from 85.4% in December 2006. (Source: New York State Dept. of Labour)

● The Direct Class A office vacancy rate was 4.4% in January 2008, while the average asking rent was $81 per SF. (Source: New York State Dept. of Labour)

● Passengers in NYC’s airports totaled 8.7 million in November 2007, up 2.5% from November 2006. (Source: New York State Dept. of Labour)

● In January 2008, direct rental rates in Midtown areas remained at $85 PSF, however, direct office vacancy rates climbed 0.3% points to 5%. (Source: Cushman & Wakefield)

● In January 2008, Downtown Class A direct office vacancy rates fell to 3.1% while average rental rates increased $4 to $60 PSF.(Source: Cushman & Wakefield)

● The total Manhattan sublease vacancy rate was 1.1% in January 2008, the same level as in December 2007. (Source: Cushman & Wakefield)

● In November 2007, 8.7 million passengers flew into and out of the region's airports, a 2.5% increase from November 2006 passenger levels. (Source: Port Authority of New York and New Jersey)

● In December 2007, the average daily hotel room rate was $379, a 12% increase from December 2006. (Source: PKF Consulting)

● Hotel occupancy was 85.1% in December 2007, down from 85.4% in December 2006. (Source: PKF Consulting)

● Broadway attendance during the four weeks ending January 27, 2008 was approximately 900,000, a 3% increase from the same period last year. Broadway revenue during this period was roughly $67 million, a 1% increase from last year. (Source: The League of American Theatres and Producers)

● Total ridership on MTA subways, trains and buses in November 2007 was roughly 212 million, an increase of 2.6% from November 2006. In November 2007, subway ridership was roughly 134 million, an increase of 4% from November 2006. (Source: Metropolitan Transportation Authority)

● For the four months ending December 2007: There were 2,111 building projects (including new, additions and alterations) that started construction in NYC, a 13% decrease from the four months ending December 2006. There were 66 infrastructure (non-building) projects, a decrease of 36% from last year. (Source: Dodge Analytics)

● Planned space for building project starts is approximately 8.5 million square feet, a 53% decrease from the same period in 2006. (Source: Dodge Analytics)

Reprinted with permission from BABI London