The City of New York rented almost 600,000 SF of Office space in July, otherwise few transactions occurred. With Tower 3, Tower 4 and One World Trade Center coming online in the next two years, vacancies are likely to increase putting pressure on Class A office pricing. Retail continues to be hot as international retailers and national retailers enter the New York market....

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 8.2 % vacant to 8.8 % vacant
  • Total New York City Office vacancy increased from 7.0 % vacant to 7.3 % vacant
Leasing totals for June show only about 1.4 million square feet of office space was leased in Manhattan’s three major markets. That’s way below the 4.9 million in April and 3.5 million in May.

The number of large blocks of space in Midtown has grown rapidly since last fall as landlords and tenants with too much space have made available floors far faster than the market can absorb them. Tenants hunting in the Midtown market can choose from among 40 blocks of space larger than 100,000 square feet. That’s a 38 percent increase from November 2011, when there were only 29, and that followed several months of declines in large blocks of space.
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