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New York

Commercial market braces for open space 

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Millions of square feet of commercial space are about to hit the market as fears about the economy’s strength persist and financial service workers face layoffs. JPMorgan Chase announced Tuesday that 50 percent of Bear Sterns employees will be cut, and plans to vacate about 1 million square feet of office space in New York City. As JPMorgan empties Bear Stearns offices, even more office space will become available with the opening of the 2.1-million-square-foot Bank of America tower at 1 Brant Park and Equity Office’s1.3-million-square-foot building at 1095 Sixth Avenue. “We are now starting to see more space come on the market due to the layoffs,” said Joseph Harbert, chief operating officer of Cushman & Wakefield’s New York metro region.