April 13, 2017 Comments Off on Reis Finds Less Office Vacancy in Q1 Views: 298 New York News, Top New York Stories

Reis Finds Less Office Vacancy in Q1

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.

Read More at Reis

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