Midtown in Crisis

There are no two ways about it. Midtown Manhattan -- the epicenter of New York City's office market -- is in crisis. Such was the unavoidable message of CB Richard Ellis' first quarter breakfast this morning, where Tri-State Chairman John Powers, in unusually professorial form, gave reporters the following grim stats: There are 30 million square feet of available space in midtown (of 222 million square feet total in Midtown) . About 10 million...

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