New York Market Overview
- Total Manhattan Class A Office vacancies increased from 9.4 % vacant to 9.9 % vacant
- Total New York City Office vacancy increased from 8.0 % vacant to 8.2 % vacant
Manhattan's East Side office submarket had lower asking rents, while prices in Hudson Square rose dramatically after the rezoning.
New office leases rose to 63% from 55% year from the previous year to year based on square footage leased.
Mayor Bill de Blasio is seeking to raise taxes on virtual retailers that do business in New York but have no physical presence in the city.
A continued surge in TAMI technology, advertising and media sector coupled with modest growth in the financial sector resulted in large amount of leasing and demand at its highest in nine years.
The Manhattan commercial investment sales market had 5,197 properties trading sold over, beating the previous record of 5,018 in 2007.