New York, NY -- (SBWIRE) -- 10/10/2018 -- Manhattan Office:
New construction and buildings being re-purposed from department stores and industrial to office use contributed to more available office space despite strong office demand. Total Manhattan Office Market vacancy increased from 36.46 million RSF to 37.14 million RSF. The biggest new use group is Flexible office space with a multitude of new providers and existing players expanding their footprint.
Manhattan Retail continues to get worse. Not only are vacancy rates up but many of the leases signed are temporary, so the true vacancy figures are higher than stated. This will lead to pressure for landlords to lower retail rental prices.
For the latest market research on New York City commercial real estate, contact Stephen Sunderland. Optimal Spaces releases a monthly analysis of the market, including detailed statistics and graphs.
About Optimal Spaces
Optimal Spaces is an industry leader Tenant Representative firm helping clients looking for office, retail and industrial real estate in New York City. We solely represent our client's interest, unlike most other brokerage firms who represent the landlord's interest. Optimal Spaces offers strategic advice and execution for commercial real estate, corporate brokerage, market research and consulting. Optimal Spaces' brokers are all experts each with a minimum of ten years in the fields of retail and office.
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