Office Rents Soar in Manhattan as Vacancies Plunge
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
The vacancy rate for the Manhattan office market has reached its lowest level since before September 11, 2001, and average rents are approaching all-time highs, according to a quarterly report released yesterday by a leading real estate firm.
The growing scarcity of office space and the strength of the commercial real estate market is a sign to some analysts that the demand to work in New York is greater than ever.
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