Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible.
JLL’s Q2 New York Office Outlook reported on conditions in the nation’s largest office market over the quarter and the year so far.
Report highlights are as follows:
- The Manhattan office vacancy rate fell to 10.6 percent from 11.1 percent – its lowest level in two years – as a result of several major leases by the previously lagging financial and legal services sectors.
- The Midtown South Class A vacancy rate fell to 5.8 percent, one of the lowest in the country.
- The NYC investment sales market experienced a record-setting first half of the year with 221 deals closed and 39 deals under contract for a total of 260 deals year-to-date.
Read the full report for a comprehensive capital markets overview, a New York property clock, and for more detailed insights regarding conditions in the Midtown, Midtown South and Downtown sub-markets.