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United States | New York, NY

Report | New York Office Insight - Q3 2016

Summary

While vacancy rates are rising amid slower leasing activity across New York City, Hudson Yards is showing it can be successful at luring tenants from elsewhere across the city. The submarket currently has 6.2 million square feet of office space under construction and has several notable tenants on the way including L'Oreal, Skadden, Boston Consulting Group, Time Warner, KKR and Wells Fargo.

Financial services, insurance and real estate continue to drive the majority of the market's leasing activity, though the TAMI (technology, advertising, media and information) sector has seen its share of occupied square feet increase by five percentage points over the last four years.​

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