Office vacancies in Manhattan dramatically increased by 2.26 million square feet in October. Increased vacancies will continue resulting from announced layoffs that will result in future vacancies as floors are restacked and vacated. As a direct result, Landlords are much more negotiable than previous months in both asking rents and free rent and work contributions.
New York Market Overview
Total Manhattan Class A Office vacancies increased from 6.0 % vacant to 6.2 % vacant
Total New York City Office vacancy increased from 5.7 % vacant to 6.1 % vacant