New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 10.0 % vacant to 9.9 % vacant
- Total New York City Office vacancy decreased from 8.6 % vacant to 8.4 % vacant
Commercial property in New York City is overpriced compared to its counterparts elsewhere in the country This was the result of a poll which surveyed New York City’s top commercial real estate professionals.
An array of Midtown’s large office buildings are working to backfill mega-blocks of space slated to be left vacant when tenants with hundreds of thousands of square feet move out. And they’re doing so on the precipice of a supply boom the Manhattan market has not seen in a quarter of a century.
The Manhattan office market rebounded in May following an April slowdown, as the media migration Downtown continued and activity in Midtown South held steady with a number of modestly-sized leasing deals.