Data confirms a rough year for New York office market

03/30/2009 | Commercial Property Executive

To nobody's surprise, New York City job losses are taking their toll on the nation's biggest office market, with rents and occupancies falling and sales slowing to a crawl. Class A office properties in Midtown Manhattan have taken a pounding, as the average vacancy climbed from 7.9% to 13.5% during the past year and asking rents fell 12%.

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