market research

February 2007

February 2007 New York Commercial Real Estate Market Report

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New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 6.4 % vacant to 6.6 % vacant
  • Total New York City Office vacancy increased from 5.9 % vacant to 6.1 % vacant
Midtown and Downtown Manhattan office rents continue to increase and Landlords are becoming more aggressive in raising rents and reducing Tenant concessions.

With few new Manhattan office building under construction and no major firms relocating out of the city, the trend of office rental rate increases should continue for the foreseeable future.
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