Vacant office space could take several years to reabsorb

Office rents are dropping steadily as more space comes onto the market and landlords are competing for tenants. Manhattan office rents have fallen 25 to 35 percent since late last year, according to brokers. Cushman & Wakefield reports that leasing volume is down 48 percent since last year. It could take three years for the Manhattan market to absorb all of the space that tenants have let go in the last few months, according to Grubb & Ellis New York.