Dewey & LeBoeuf went bankrupt putting 500,000 sf of class A space back into the Midtown office market. Financial and Law firms remain cautious as the Euro and US Stock markets are volatile. Luckily for the New York office market and residential market Technology, Education and creative firms are expanding. Retail continues to be active as and national and foreign retailers expand into New York.
New York Market Overview
Total Manhattan Class A Office vacancies decreased from 8.3 % vacant to 8.2 % vacant
Total New York City Office vacancy decreased from 7.2 % vacant to 7.1 % vacant
There were $4.98 billion worth of commercial real estate deals in New York City in the first 3 months of 2012, a 24 percent decrease from the same period of 2011.