NEW YORK, Nov. 16, 2015 /PRNewswire/ -- Manhattan Office space vacancies increased as new office construction progresses and office tenants are now considering Brooklyn offices desirable. Meanwhile, conversions and demolitions from office use to Condo and Hotel continue unabated.
Manhattan Retail leasing has been quiet as tenants balk at paying the new normal prices. More retail vacancies and longer vacant durations are causing Manhattan retail prices to drop. One can see this trend in Soho where a broker says reduced price 50% of last year's rental rate.
For the latest market research on New York City commercial real estate, contact Stephen Sunderland. Optimal Spaces releases a monthly analysis of the market, including detailed statistics and graphs.
About Optimal Spaces
Optimal Spaces is an industry leader Tenant Representative firm helping clients looking for office, retail and industrial real estate in New York City. We solely represent our client's interest, unlike most other brokerage firms who represent the landlord's interest. Optimal Spaces offers strategic advice and execution for commercial real estate, corporate brokerage, market research and consulting. Optimal Spaces brokers are all experts each with a minimum of ten years in the fields of retail and office. For more information go to our website www.optimalspaces.com.
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SOURCE Optimal Spaces