Sales down, vacancy rates up, report says

New York /
Oct.October 29, 2008 01:03 PM

The Manhattan market saw a 65.3 percent decline in closed sales across all types of property between September 2007 and this September 30, according to the third quarter 2008 Manhattan market overview from Cushman & Wakefield, released yesterday. Investment sales volume declined from $39.7 billion at the end of third quarter 2007 to $13.8 billion so far this year. The decline was steepest in the office market, with sales in the class A submarket decreasing 68 percent and other office submarkets declining 78.2 percent.

Office vacancy rates were up in the third quarter, the report said. Office vacancy rates for Manhattan rose from 5.7 percent last year to 7.4 percent at the end of the third quarter. Asking rents rose through the year until September, when they decreased.

The report predicts the vacancy rate could rise to 11.5 percent in 2009 if job losses in the city, which traditionally add 40 to 60 percent of departing employees’ office space to the market, reach expected levels. TRD


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Molly Ringwald and Alexi Lubomirski (Getty Images, Credit Cristina Cote of The Cote Team)
Molly Ringwald’s former East Village townhouse lists for $9.2 million
Molly Ringwald’s former East Village townhouse lists for $9.2 million
Hudson Meridian Construction Group founder Bill Cote and a rendering of the Science Park Apartments planned at 201 Munson in New Haven (Hudson Meridian Construction Group)
Breakthrough for beleaguered New Haven project
Breakthrough for beleaguered New Haven project
27 Vandam Street, Hudson Square (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Hudson Square townhouse in contract at $15M could break area record
Hudson Square townhouse in contract at $15M could break area record
From left: Scott Rechler and 5 Times Square; Marc Holliday, Stephen Ross and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Swell of maturing debt pressures office owners
Swell of maturing debt pressures office owners
Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
Schuster out as Hopson borrows $156M for Midtown tower
Schuster out as Hopson borrows $156M for Midtown tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...