The Real Deal New York

Manhattan office vacancy poised for first yearly decline since recession began

October 04, 2010 09:30AM

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Manhattan’s vacancy rate is poised for a decline this year, with the amount of space to be leased up expected to exceed the amount that comes on the market, Crain’s reported. According to new data from Jones Lang LaSalle, 3.1 million more square feet of office space has been rented so far this year than has been put up for grabs. That reverses three years in which inventory has swelled and demand has lagged considerably, and a 50 percent uptick in leasing activity over the first two quarters is largely accountable for the shift. Additionally, the amount of subleasing space coming on the market has subsided. Last year at this time, the amount of space that had entered the market exceeded the amount of recently-leased space by 9.5 million square feet. According to Cassidy Turley, Manhattan’s office vacancy rate was at 12.4 percent as of last month, down 0.9 percent year-over-year. [Crain's]

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