New York commercial real estate still suffering.

• Author: Denham, Barbara Byrne
• Position: REAL ESTATE - Brief article

The media is awash in data on the national economy. But at the local level, deciphering the economic landscape is challenging because reliable data is scarce. The only information available is employment data and real estate statistics, and in New York City, that data clearly show an economy still in retreat.

New York City's unemployment rate jumped to 10.8 percent in September--the highest rate since early 1993--due to a cumulative loss of 108,900 jobs from August 2008 through September 2009. While considerable, this loss pales in comparison to the rest of the country. The percentage of jobs lost in New York has been half of that in the United States over the past two years.

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New York City's losses are led by the securities industry, which has shed 28,000 jobs since late 2007, followed by manufacturing, construction, retail and real estate. It should be noted, however, that some industries continue to add jobs, including health services, private education and even accounting.

The one industry that has...