New York Market Overview
- Total Manhattan Class A Office vacancies increased from 9.1 % vacant to 9.4 % vacant
- Total New York City Office vacancy increased from 7.9 % vacant to 8.0 % vacant
Despite a slight office market slowdown throughout Manhattan within the last month, subleasing is on the rise.
The final taking rents for the very top deals are at an all-time high in Midtown and Midtown South, and are near former high rents in Lower Manhattan.
Midtown Manhattan might be the most expensive office market in the U.S., but worldwide it is still a relative bargain.
Midtown's finance and legal tenants are the top tenants seeking space after TAMI in the technology, advertising, media and information sector. Seven of the top 10 leases in Manhattan's office market this year were finance and legal firms. Last year, the same tenants only accounted for three of the top 10 deals.
Office vacancies in Midtown South in November reached their lowest level in seven years.