{"id":1004573638,"date":"2022-03-31T06:24:31","date_gmt":"2022-03-31T14:24:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573638"},"modified":"2022-12-07T14:00:37","modified_gmt":"2022-12-07T22:00:37","slug":"manhattan-office-vacancy-continues-to-climb","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/","title":{"rendered":"Manhattan Office Vacancy Continues to Climb"},"content":{"rendered":"

\"\"<\/a>As of February, Manhattan\u2019s office vacancy reached 13.1 percent, up 30 basis points month-over-month, according to CommercialEdge<\/strong>.<\/p>\n

The metro\u2019s vacancy has expanded by 260 basis points since February 2021, the second largest year-over-year gain among gateway cities after San Francisco, which registered a 400-basis-point increase. Manhattan listing rates have decreased since last year, to reach $83.50.<\/p>\n

Manhattan continues to post lower vacancy rates than most primary markets, including Los Angeles (13.3 percent), San Francisco (16.8 percent), Washington, D.C., (16.6 percent) and Chicago (20.3 percent). In February, Miami\u2019s vacancy rate matched Manhattan\u2019s, while Boston remained the gateway city with the lowest rate.<\/p>\n

Tribeca (10.5 percent) continues to be one of the submarkets with the lowest vacancy rate in the borough, along with Hudson Square (5.4 percent) and World Trade Center (10.1 percent). At the other end of the spectrum, the Financial District (16.0 percent), Times Square\u2013Hell\u2019s Kitchen (14.8 percent) and the Plaza District (13.4 percent) exceed the market average.<\/p>\n

Biggest Manhattan Leases<\/h2>\n

February\u2019s most notable leases in the New York City metropolitan area included Collector Holdings\u2019 <\/strong>130,000-square-foot commitment at Harborside 3 in Jersey City, N.J. Veris Residential Inc.<\/strong> is the owner of the 10-story, Class A property, which offers 750,000 square feet of office space. The deal was reportedly the largest office lease in Jersey City<\/a> since September 2020.<\/p>\n

Residential community manager FirstService Residential<\/strong> signed a 48,000-square-foot lease<\/a> at 575 Fifth Ave. in Midtown Manhattan. Beacon Capital Partners<\/strong> and MetLife<\/strong> are the owners of the 40-story tower that dates back to the 1960s. The new tenant will move its headquarters from its former location at 622 Third Ave.<\/p>\n

Also in February, WeWork<\/strong> signed tech firm Contentsquare<\/strong> at its 53 Beach location in Tribeca. The tenant made a 30,000-square-foot, 36-month commitment at the six-story building.<\/p>\n

CommercialEdge<\/a>\u00a0covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the uptick, the borough
\nis posting lower rates than most primary markets.<\/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":[21784,1600,21742,10,21747],"tags":[51047,34128,50674,33678],"class_list":["post-1004573638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-beacon-capital-partners","tag-commercialedge","tag-wework"],"acf":[],"yoast_head":"\nManhattan Office Market Vacancy Update<\/title>\n<meta name=\"description\" content=\"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Vacancy Continues to Climb\" \/>\n<meta property=\"og:description\" content=\"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-31T14:24:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T22:00:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/\",\"name\":\"Manhattan Office Market Vacancy Update\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"datePublished\":\"2022-03-31T14:24:31+00:00\",\"dateModified\":\"2022-12-07T22:00:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"description\":\"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"width\":1200,\"height\":930},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan Office Vacancy Continues to Climb\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Office Market Vacancy Update","description":"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Office Vacancy Continues to Climb","og_description":"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.","og_url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-03-31T14:24:31+00:00","article_modified_time":"2022-12-07T22:00:37+00:00","og_image":[{"width":1200,"height":930,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/","url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/","name":"Manhattan Office Market Vacancy Update","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2022-03-31T14:24:31+00:00","dateModified":"2022-12-07T22:00:37+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"description":"Despite promising commitments in February, including WeWork signing a tech firm in Tribeca, Manhattan's office vacancy rate keeps expanding.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","width":1200,"height":930},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-continues-to-climb\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Manhattan Office Vacancy Continues to Climb"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004573638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/739"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004573638"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004573638\/revisions"}],"predecessor-version":[{"id":1004574569,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004573638\/revisions\/1004574569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004545005"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004573638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004573638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004573638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}