Commercial market slows during summer

Manhattan’s office vacancy rate hit 7.3 percent in July, up from 5.8 percent during the same time last year, according to Cushman & Wakefield. Investment sales are also hurting. The managing director of the capital markets group at Jones Lang LaSalle said that since July 1, building sales are down 85 percent compared to last summer. Some brokers think the market will take a positive turn when summer ends in September, but others think vacancies will further increase by the end of the year.