Office market full of empty promise
We’re half way through 2013 and everything’s looking up in Manhattan real estate: rents, leasing volume, sales volume and … vacancy rates.
The end of the second quarter sees Manhattan-wide Class A office vacancy at 11.6 percent, according to data compiled by Cushman & Wakefield.
But the spike in empty offices is little surprise, given the more than 1.5 million square feet of Class A inventory added to the books in the past three months.
And speakers at C&W’s quarterly press conference said they were confident that both tenants and investors are ready to welcome the new product with open arms.