Manhattan Top-Quality Office Availability Reaches a 19-Year High
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The availability of top-quality office space in Manhattan rose to the highest in almost two decades as a new skyscraper at the World Trade Center site neared completion, according to brokerage Studley Inc.
The Class A availability rate jumped to 14.5 percent in the fourth quarter from 12.3 percent the previous three months, the New York-based firm said in a draft report. Studley, which represents tenants, defines availability as empty space plus offices that are slated to become vacant in the next 12 months.