The Real Deal New York

Class A vacancy rate up 66 percent

March 27, 2009 04:43PM

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Vacancy rates for Class A office space
in the city have increased 66 percent over the past year, according to
Jones Lang LaSalle. The citywide vacancy rate has increased to 11.9 percent as
the first quarter draws to a close. The preliminary first quarter data
showed that in Midtown, Class A vacancy reached 13.5
percent, the highest rate recorded since Jones Lang LaSalle began
tracking vacancies in 1995. Citywide, there was a 55 percent increase
in vacancy rates across all types of office buildings. “We are likely
to see vacancy rates rise across the entire city as companies continue
to merge, downsize or file for bankruptcy,” said James Delmonte, vice
president and director of research at Jones Lang LaSalle.

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