Office rents are off 30% from their all time highs and will continue to fall as Securities firms and banks may give up to 8 million square feet of office space in Manhattan this year. JPMorgan Chase, Citigroup and Lehman Brothers have already vacated 6.4 million feet of city office space, and Merrill Lynch is likely to give up another 5 million square feet and Smith Barney millions more feet. The available office space may reach 15.5% by the end of 2009, and the New York office market may not improve until the end of 2012.
Read more at http://www.optimalspaces.com/march-2009-manhattan-office-retail-industrial-space-rental-market-report.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment