ECONOMIC INDICATORS NY - Q1&2 2010

• Private employment rose by 12,700 in March 2010, after a decrease of 2,000 jobs in February. (Source: New York State Dept. of Labor)

• The unemployment rate fell to 10.0% in March 2010 from 10.2% in February. (Source: New York State Dept. of Labor)

• The Manhattan hotel occupancy rate in March 2010 was 81.9 %, up from 73.5% in March 2009. (Source: New York State Dept. of Labor)

• Passengers in NYC area airports totaled 6.5 million in February 2010, down 2.2% from February 2009. (Source: New York State Dept. of Labor)

• In April 2010, the Manhattan Class A direct vacancy rate fell to 9.0% from 9.1% in March 2010. The average rental rate remained stable at $66 PSF. (Source: Cushman and Wakefield)

• In April 2010, the Midtown Class A direct vacancy rate fell to 10.2% from 10.4% while the rental rate rose to $70 PSF. (Source: Cushman and Wakefield)

• The Manhattan Class A sublease vacancy rate rose from 3.4% in March 2010 to 3.5% in April 2010. (Source: Cushman and Wakefield)

• For the four months ending March 2010: Building projects (including new, additions and alterations) that started construction in NYC declined by 31.1% and, infrastructure (non-building) project starts increased by 53.7% from the four months ending March 2009. (Source: McGraw Hill Construction)

• Planned space for building project starts decreased 30.4% from the same period in 2009. (Source: McGraw Hill Construction)

• • 613 residential building projects with 1,989 units of housing started construction, decreases of 23.9 and 66.1% respectively from the previous year. (Source: McGraw Hill Construction)

• Total Broadway attendance was approximately 1.1 million during the four weeks ending May 2, 2010, a 0.3% decrease from the same period last year. Broadway revenue during this period was roughly $86.6 million, an 8.2 % increase from last year. (Source: The Broadway League)

• In February 2010, 6.5 million passengers flew into and out of the region's airports, a decrease of 2.2% from February 2009. (Source: Port Authority of New York and New Jersey)

• Domestic air carriers accounted for 4.4 million passengers, down 4.5% from the same month last year. (Source: Port Authority of New York and New Jersey)

• 2.1 million passengers traveled with international air carriers in February 2010, a 3.1% increase from February 2009. (Source: Port Authority of New York and New Jersey)

• In March 2010 the average daily hotel room rate was $212, a 0.5% increase from March 2009. (Source: PKF Consulting)

• Hotel occupancy was 81.9% in March 2010, up from 73.5% in March 2009. (Source: PKF Consulting)

• The average daily hotel room rate declined the most in mid-priced hotels (charging between $250 and $325 per night). (Source: PKF Consulting)

• Total ridership on MTA subways, trains and buses in March 2010 was 232.9 million, an increase of 1.4% from March 2009. In March 2010, subway ridership was 141.6 million, an increase of 3.6% from March 2009. (Source: Metropolitan Transportation Authority)

Reprinted with permission from BABI London