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United States | New York, NY

Report | New York Office Outlook - Q2 2014

Summary

  • ​The Manhattan office vacancy rate fell to 10.6 percent from 11.1 percent—its lowest level in two years—as a result of several major leases by the previously lagging financial and legal services sectors.
  • The Midtown South Class A vacancy rate fell to 5.8 percent, one of the lowest in the country. In response, Class A asking rents rose to another record high of $77.08 per square foot.
  • The New York City investment sales market experienced a record-setting first half of the year with 221 deals closed and 39 deals under contract for a total of 260 deals year-to-date. 2014 is on track to surpass the previous record of 346 deals in 2007.

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