Downtown Manhattan Office Vacancy Rate at 6-Year High
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Downtown Manhattan’s office vacancy rate jumped in the third quarter to the highest level since 2004 as new space came on the market from financial companies, according to brokerage Cushman & Wakefield Inc.
The vacancy rate climbed to 12.1 percent from 9.9 percent a year earlier, Cushman, the biggest closely held commercial property broker, said today in a statement. It was also 9.9 percent in the second quarter. Rents declined to $39.08 a square foot from $42.01 in the third quarter of 2009.