Lower Manhattan Vacancy Rate Could Breach 20 Percent by 2012; Rents Expected to Plummet

By 2012, 20.6 percent of lower Manhattan's top-tier office space, or 5.7 million square feet, could stand vacant, according to research by commercial real estate brokerage Jones Lang LaSalle.

Mind you, that's not the worst-case scenario. In the worst-case scenario, one that would include still unforseen developments, 25.5 percent of the top-tier office space downtown could sit idle, according to Jim Delmonte, a vice president and research director at the firm. The best-case scenario: 15.7...

Copyright Obser - Observer
Contact Us