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United States | New York, NY

Report | Manhattan Office Outlook | December 2014

Summary

  • Overall vacancy in Midtown fell below 10.0 percent for the first time since 2008, dropping to 9.8 percent in November. Much of the decrease is attributed to a number of large leases signed during the month
  • Non-traditional tenants dominated Downtown leasing in November, with several relocations helping to send vacancy lower
  • Midtown South vacancy was mostly flat in November as few new leases impacted total velocity
  • On the retail front, for the first time in its history, by 2017 New York will be home to seven of the country's top luxury department stores, thanks to the region's exponential tourism, employment and population growth

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