New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 9.3 % vacant to 9.1 % vacant
- Total New York City Office vacancy decreased from 8.1 % vacant to 8.0 % vacant
Retail rents in Lower Manhattan jumped 23 percent in the spring of 2011 compared to the fall of 2010, according to a report released today by the Real Estate Board of New York, and apparently that's because of the news coverage World Trade Center construction has garnered. Lower Manhattan has been receiving national and international attention as a result of the progress at the World Trade Center site. The rise in asking rents for retail space shows that retailers are looking to capitalize on the increase in pedestrian traffic expected there in the years to come.