April 14, 2017
There’s good news for office landlords worried about competition from other properties in the New York metro area – the percentage of vacant office space is lower here than in any of the other metro areas tracked by top data firm Reis, Inc.
New York’s vacancy rate averaged 8.8% in the first quarter, down from from 9% the quarter before. That’s approaching half of the average vacancy rate of 15.8% nationwide in the same period.
Effective rents also increased 0.4% for New York office properties on average in the quarter — close to the average in the rest of the country. New York’s average effective rent of $58.94-per-square-foot is still the highest in the country.
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