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New York

Office vacancies to grow to 15.6 percent

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The largest securities firms and banks in the city may give up 8
million square feet of office space this year, making things worse for
the commercial real estate market. JPMorgan Chase, Citigroup and
Lehman Brothers have already vacated 6.4 million feet of city office
space, and other businesses are likely to leave or sublet their space,
according to CB Richard Ellis. The amount of available space may reach
15.6 percent by the end of 2009, and the New York office market may
not improve until the end of 2012, said Marisa Di Natale, a senior
economist at Moody’s Economy.com.