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Office Report

United States | New York, NY

Report | New York Office Outlook - Q1 2011


The recovery in the first quarter was uneven, with distinct movements in certain market segments and within specific types of space. Overall leasing activity was higher, but large blocks of space were returned to the market.  As a result the vacancy rate increased and absorption levels retreated into negative territory.
After falling through the latter part of last year, Midtown’s Class A vacancy rate reversed direction during the first three months of 2011, finishing at 12.8 percent, up from 12.3 percent at year-end 2010. Despite the upward movement in vacancy, asking rents for smaller, trophy-quality spaces have risen significantly, while rents for larger spaces, particularly on lower floors, have been flat.
While Downtown overall vacancy decreased (from 12.8 percent to 12.4 percent), these decreases are slight and not enough to offset the known space that is still yet to come. 

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