The surge of office demand from New York’s technology, media and fashion companies is rapidly depleting the supply of affordable space in the city, especially in lower Manhattan, according to brokerage Studley Inc.
Downtown had 4.3 million square feet (399,000 square meters) of available Class B offices at the end of last month, 45 percent less than in 2011, Studley said in a report posted on its website today. The market’s lower rents are being taken advantage of by a wide range of cost-conscious tenants, including engineers and architects, advertising, schools and health care, Studley executives said.
