{"id":1004544660,"date":"2021-08-05T21:59:13","date_gmt":"2021-08-06T05:59:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004544660"},"modified":"2022-12-05T06:58:28","modified_gmt":"2022-12-05T14:58:28","slug":"nyc-market-update-lowest-vacancy-among-gateway-cities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-lowest-vacancy-among-gateway-cities\/","title":{"rendered":"NYC Market Update: Lowest Vacancy Among Gateway Cities"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&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;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"wp-image-1004545005 size-medium alignright\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>In June, Manhattan\u2019s office vacancy rate hit 10.9 percent, according to CommercialEdge data, maintaining its leading position among the country\u2019s gateway markets with the lowest vacancy.<\/p>\n<p>Below the national rate of 15.6 percent, the borough\u2019s vacancy increased 180 basis point year-over-year and was 300 basis points higher than in 2019. Of the other gateway markets, Washington, D.C. and Chicago registered the highest vacancies, both over 16 percent, while Boston (11.7 percent) and Los Angeles (13.1 percent) joined Manhattan on the other side of the spectrum.<\/p>\n<p>In early June, Legal Aid Society chalked up a <a href=\"https:\/\/www.commercialsearch.com\/news\/legal-nonprofit-inks-199-ksf-manhattan-lease\/\">significant long-term lease<\/a> in Lower Manhattan\u2019s Tribeca district. The nonprofit law firm signed a 200,000-square-foot, 30-year commitment at GFP Real Estate\u2019s 16-story 40 Worth St. property. The agreement was one of the biggest leases of the year, along with Equitable Financial Life Insurance Co.\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/equitable-financial-inks-130-ksf-manhattan-lease\/\">130,000-square-foot, 15-year agreement<\/a> at 1345 Avenue of the Americas back in February.<\/p>\n<p>Tribeca&#8217;s 6.5 percent vacancy rate is among the lowest among Manhattan&#8217;s submarkets, along with Hudson Square at 6.9 percent. Oppositely, the highest rates registered by mid-2021 were in Soho (15.1 percent), the Plaza District (11.8 percent) and the Financial District (11.7 percent).<\/p>\n<p>Brooklyn\u2019s June vacancy rate climbed to 16.2 percent, up 100 basis points month-over-month, but down 250 basis points year-over-year. Two years ago, the borough\u2019s office vacancy was the lowest in the country, standing at 6.7 percent. There is still a significant gap between Class A and Class B asset vacancies: 22.3 percent versus 5.5 percent\u2014despite the total stock for both asset classes measuring around 16 million square feet.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-july\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan continues to outperform the rest of the country despite a significant year-over-year uptick in vacancy.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"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-1004544660","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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