Manhattan Office:
New construction and buildings being re-purposed from department stores and industrial to office use contributed to more available office space despite strong office demand. Total Manhattan Office Market vacancy increased from 36.46 million RSF to 37.14 million RSF. The biggest new use group is Flexible office space with a multitude of new providers and existing players expanding their footprint.
Manhattan Retail:
Manhattan Retail continues to get worse. Not only are vacancy rates up but many of the leases signed are temporary, so the true vacancy figures are higher than stated. This will lead to pressure for landlords to lower retail rental prices.
Manhattan Office Rent Vacancy
Manhattan Retail Rent Vacancy
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