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New York

Manhattan office vacancies rise

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Manhattan Class A vacancy rate rose to 6.9 percent in May, up from 6.4 percent in April and 5.3 percent at the beginning of the year, according to data from the brokerage Colliers ABR. After JP Morgan and Bank of America added large blocks of office space, Midtown’s vacancy rate increased to 7.1 percent. Downtown, the vacancy rate increased to 6.3 percent from 5.9 percent in April, as Goldman Sachs put its offices on the market in preparation of its move to a new tower in Battery Park City. Midtown South saw improvements, and their vacancy rate fell to 9.9 percent, the first time it’s been below 10 percent since January. TRD