New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 9.1 % vacant to 8.9 % vacant
- Total New York City Office vacancy increased from 8.2 % vacant to 8.3 % vacant
Retail: Soho has been hit hard with availability rate soaring to 23.1% in the second quarter of this year. Asking rents for ground-floor retail space in the neighborhood also decreased 12% from the end of 2015 to $478 per square foot.
Upper East Side has 82 empty storefronts along Madison, Lexington, Third and Second Avenues between 57th and 96th streets.
Third Avenue between East 57th and 79th streets had a retail vacancy of 16.6% availability, a 7% increase from the previous year-
Total Manhattan Class A Office vacancies decreased from 9.1 % vacant to 8.9 % vacant
Commercial property sales are projected to total less than $20 billion in 2017, a 51% decrease from 2016, and lower than any year since 2010.