{"id":1004537848,"date":"2021-06-10T22:41:23","date_gmt":"2021-06-11T06:41:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004537848"},"modified":"2022-12-09T02:52:52","modified_gmt":"2022-12-09T10:52:52","slug":"new-york-market-update-elevated-but-falling-vacancy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-market-update-elevated-but-falling-vacancy\/","title":{"rendered":"New York Market Update: Elevated but Falling Vacancy"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004535278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/market-update\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=800\" class=\"alignright wp-image-1004535278 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>At the end of April, office vacancy in Manhattan hit 10.4 percent, CommercialEdge data shows, well below the national rate of 15.3 percent. This marks a 70-basis-point drop month-over-month in the borough, though vacancies are still 206 basis points higher year-over-year. Manhattan\u2019s office vacancy was lowest among gateway markets, which encompassed a broad spectrum, from Boston (11.8 percent) to Chicago (16.4 percent).<\/p>\n<p>Manhattan\u2019s Tribeca submarket had one of the tightest vacancy rates in the market, at 5.8 percent. Despite a <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-construction-activity-5\/\">flurry of development activity<\/a> in the area, no new major office projects have delivered specifically within Tribeca since 2013, limiting availability. Tribeca\u2019s resilience may be put to the test as rents continue to fall across Manhattan and in the city\u2019s other boroughs.<\/p>\n<p>Brooklyn, consistently one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-construction-activity-3\/\">top markets for office development<\/a> nationwide prior to the downturn, registered vacancy at 15.2 percent in April. While there was only a modest, 14-basis-point decrease from March, vacancies are up 251 basis points over the year. Brooklyn\u2019s vacancies are bifurcated between Class A and B assets: Class A vacancy was at 24.8 percent in April\u2014one of the highest rates in the country\u2014while older, Class B stock vacancy clocked in at a tight 6.1 percent, one of the lowest nationwide.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-may\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Manhattan\u2019s vacancy remains more than 200 basis points up over the year, CommercialEdge data shows some positive signs in the U.S.\u2019 largest office market. <\/p>\n","protected":false},"author":861,"featured_media":1004528936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004537848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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