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.
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