New York Market Overview
- Total Manhattan Class A Office vacancies increased from 7.4 % vacant to 7.6 % vacant
- Total New York City Office vacancy increased from 7.0 % vacant to 7.2 % vacant
There is a near standstill in leasing activity and building sales in New York. Income producing property sales are not taking heavy reductions while sales of vacant spaces are highly discounted. Company downsizings are leading to higher vacancies and lower lease prices. The rental rates and interest rates have driven down building values which further compound building-owner bankruptcies and troubles for banks - which will lead to more job losses.