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Downtown NYC office vacancies fall on technology demand

Posted on 04 April 2013

Lower Manhattan office vacancies fell in the first quarter to the lowest since 2008 as technology and creative firms priced out of the midtown south area spilled into the market, Cushman & Wakefield said,
The vacancy rate downtown, home to the city’s financial district, declined to 8 percent from 9.2 percent a year earlier, the New York-based real estate services firm said in a report today. More than 20 percent of leasing below Canal Street in the first quarter was by technology and media firms, Cushman said………………………………………..Full Article: Source


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