Financial industry meltdown could impact NYC office rents

09/29/2008 | Reuters

The current financial crisis on Wall Street spells bad news for office space in New York City, including the ongoing construction at the World Trade Center. The New York state labor department estimates Wall Street will lose 40,000 jobs, and another 80,000 jobs in service industries catering to the area. According to Grubb and Ellis, Manhattan office rents may fall about 7% annually over the next three years.

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