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Office Report

United States | New York, NY

Report | New York Office Outlook - Q4 2010

Summary

Manhattan continues to send mixed messages.  In general, improvement trudges slowly but steadily in Midtown, while Downtown lags.  Overall rents should continue slightly downward into early 2011, but pick up later as employment levels improve and vacancy is absorbed. 

Midtown

  • Vacancy decreased to 12.2 percent, while absorption levels were positive.  But several new leases were smaller, with space more likely to come back to market.  If this happens, 2010 gains could be wiped out.
  • Rents were mostly flat except for price increases for boutique spaces with dramatic views.  Little change is forecast for 2011.
  • Investment sales continued to improve.  One notable difference from 2009:  Transactions were driven not by distress, but by perceptions of an improved investment sales market.

Downtown

  • Vacancy rose almost 2% year-over-year to 12.8%.
  • Except for possible increases in some Class A spaces, rents should be soft—by Manhattan standards—throughout 2011.

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