Job losses could push office vacancy rate into double digits

The projected 80,000 to 90,000 office-based job losses between now and the end of 2009 could drive the Manhattan office vacancy rate into double-digit percentages. Colliers ABR predicts that the rate could rise to between 12 and 13 percent, well above the September rate of 7.4 percent. Comparatively speaking, there is not a lot of new space coming online. About 3.4 million square feet of new office space will become available in 2009, the firm said.