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United States | New York, NY

Report | Manhattan Office Outlook - March 2015

Summary

  • ​After a lull in large block leasing activity in Midtown in January, deal flow accelerated in February with three transactions over 100,000 square feet completed, causing the Midtown Class A vacancy to decrease to 11.2 percent from 11.4 percent during the month.
  • Lower Manhattan vacancy remained steady for the month as the largest lease of the year offset the introduction of another block of Trophy-quality space.
  • Midtown South Class A vacancy sharply decreased month-over-month to 6.0 percent from 7.0 percent, largely as a result of Facebook's 79,998-square-foot expansion in Greenwich Village.
  • The New York City investment sales market is off to a strong start in 2015, with 111 deals valued at just over $13 billion closed through February and the dollar volume potentially topping the $20 billion level by quarter-end.

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