Office vacancy rates dropped steadily in 4Q

The overall commercial vacancy rate for Manhattan dropped during the fourth quarter of 2005 to its lowest level in five years, according to a report from brokerage Colliers ABR. The overall vacancy rate for the borough was 8.7 percent by the end of the fourth quarter, and the vacancy rate for Class A space, 7.4 percent, was also the lowest since December 2000. The Colliers ABR report gels with others that tell of a commercial market only getting tighter as 2006 starts. more [Crain’s]