Landlords are giving increased Free Rent and Base Landlord work as Manhattan Office vacancies continue to increase both direct space and sublease.
Retail demand remains strong and vacancies decline as both International and National retailers enter the market or expand
New York Market Overview
Total Manhattan Class A Office vacancies increased from 8.8 % vacant to 8.9 % vacant
Total New York City Office vacancy increased from 7.3 % vacant to 7.5 % vacant
The Manhattan office leasing market has been stuck in neutral all summer dealing with Wall Street’s shrinking footprint, it’s also suffering because of the uncertain outcome surrounding November’s presidential election. The overall Manhattan availability rate fell by 0.2 points last month to 10.3 percent in July, while the average asking rent was up by $0.25 per square foot to $54.95 at the same time.