New York Chart of the Week: July 14, 2014
- Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible—most recent quarters have seen lower vacancy and higher rents.
- This is uncharacteristic of the Manhattan market, where rental spikes are a routine part of the cycle. Since 1995, the Midtown Class A rent has increased 15 percent or more annually four times.
- With most major new Midtown office construction several years away and overall vacancy expected to trend below 10.0 percent by year-end, rents may accelerate by year-end 2014.
Source: JLL Research