Downtown NYC Office Market Tightens as Leasing Deals Surge
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Lower Manhattan office leasing surged in the first half, pushing down vacancies as tenants took advantage of some of the borough’s lowest rents, Cushman & Wakefield Inc. reported.
Agreements were signed for 3.7 million square feet (344,000 square meters) downtown in the year through June, up 31 percent from the same period a year earlier, the New York-based brokerage said today. The vacancy rate dropped to 10 percent from 12.2 percent at the end of 2013, in part because of large leases at Brookfield Place, where Time Inc. and Bank of New York Mellon Corp. took more than a million square feet combined.