market research

July 2008

July 2008 New York Commercial Real Estate Market Report

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New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 5.6 % vacant to 5.7 % vacant
  • Total New York City Office vacancy increased from 5.7 % vacant to 5.8 % vacant
Major blocks of office coming back onto the market as wall street firms and banks lay off workers.

Pfizer Inc. is seeking to sublease 750,000 square feet of space. Pfizer owns its company headquarters on East 42nd St. as well as 685 Third Avenue and 150 E. 42nd Street and 605 Third Avenue.
Royal Bank of Scotland is marketing about 140,000 square feet at 7 World Trade Center.
J.P. Morgan Chase & Co.
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