Lower Manhattan office vacancies up, rents down

Office vacancy rates in Lower Manhattan have gone up, commercial rental prices and hotel occupancy rates have fallen, and subway ridership is down, according to the Downtown Alliance’s first-quarter report. The office vacancy rate at the end of the quarter was 8.1 percent, up from 7.4 percent the previous quarter and 7.2 percent in the first quarter of 2008. The average office rent per square foot in the first quarter was $44.58, down 11 percent from $50.28 in the first quarter of 2008.

Sign Up for the undefined Newsletter