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United States | New York, NY

Report | New York Office Outlook - Q3 2015


Manhattan office vacancy dropped in the third quarter to 9.4 percent, its lowest level since 2008, despite a lull in leasing activity during the summer. 

Downtown velocity, however,  accelerated after the slowest two-quarter period since early 2009. Seven of the top nine Manhattan leases signed over the last three months were in Downtown.

New York City’s unemployment rate fell to a post-recession low of 5.4 percent over the summer. Unlike other areas of the country, the City’s unemployment rate has fallen even though the labor force has grown—up 2.0 percent since 2014. 

Through the third quarter, 430 transactions closed totaling $42.5 billion, surpassing the previous record in 2007.

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