{"id":1004563875,"date":"2022-01-31T20:59:59","date_gmt":"2022-02-01T04:59:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004563875"},"modified":"2022-12-08T07:53:57","modified_gmt":"2022-12-08T15:53:57","slug":"nyc-market-update-vacancy-hits-all-year-high","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-vacancy-hits-all-year-high\/","title":{"rendered":"NYC Market Update: Vacancy Hits All-Year High"},"content":{"rendered":"

\"\"<\/a>As of December, Manhattan\u2019s office vacancy climbed to 12.8 percent, representing an uptick of 120 basis points month-over-month, as well as an increase of 250 basis points year-over-year, according to CommercialEdge data.<\/p>\n

The borough\u2019s vacancy rate gradually increased through 2021, from 10.5 percent in January to an all-year high in the last month of the year. The national vacancy rate rose by 130 basis points year-over-year.<\/p>\n

During the summer months and September, the borough\u2019s vacancy rate seemed to have plateaued, stagnating at around 10.8 to 10.9 percent<\/a>. In November, Manhattan lost its dominant position among gateway markets with the lowest vacancy to Boston. The trend continued in December, when Miami also outperformed the NYC borough, with a 12.5 percent vacancy rate.<\/p>\n

At the end of 2021, Miami (-260 basis points), Boston (-50 basis points) and Los Angeles (-10 basis points) were the only gateway cities to see vacancy rates decrease year-over-year. Seattle (520 basis points), San Francisco (420 basis points) and Chicago saw the largest gains.<\/p>\n

In December, Manhattan listing rates averaged $76.5\u2014representing a 7.2 percent dip on a year-over-year basis and the biggest decrease across all U.S. markets\u2014followed by Seattle (-2.5 percent) and San Francisco (-1.4 percent). Boston (11.6 percent) had the largest positive change in average listing rates among all markets, followed by San Diego (11.2 percent) and Phoenix (9.5 percent).<\/p>\n

Despite heightened vacancy all through 2021, landlords chalked up several significant leases in 2021, including:<\/p>\n