Office vacancies continue to increase slowly, but will substantially increase due to the recent Wall Street and bank layoffs as the surplus of office comes back to the market. In addition, Bank of America is moving to its new headquarters and will release or sublease its former occupied space.
New York Market Overview
Total Manhattan Class A Office vacancies stayed at 5.6 % vacant
Total New York City Office vacancy stayed at 5.7 % vacant
Millions of square feet of commercial are about to hit the market as fears about the economy persist and financial service industries face more layoffs. JP Morgan Chase announced Tuesday that 50 percent of Bear Stern