market research

February 2008

February 2008 New York Commercial Real Estate Market Report

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New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 5.1 % vacant to 5.8 % vacant
  • Total New York City Office vacancy increased from 5.1 % vacant to 5.7 % vacant
Manhattan office rents have peaked at $225/RSF, making New York the 3rd most expensive office market in the world and highest in the United States. The recent bad news for Wall Street may mean reduced office and retail rents in Manhattan as the banks and investment banks sublease or vacate space.
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