The Manhattan office market by Colliers Abr

The Manhattan office market got off to a bit of a sluggish start in January with the Class A vacancy rate rising to 5.6% from 5.3% in December. The primary culprit was direct vacant space, which climbed from 9.1-mm-sf to 9.5-mm-sf. However sublease availability, after falling in December to its lowest level since March 2001, was up 300,000-sf to close the month at 3.3-mm-sf. This additional availability translated into rather steep negative net absorption for the first month of the new year with the Class A figure for Manhattan at a negative 817,000-sf (although 2007 started off with negative absorption as well, only to end
the year with a positive figure of almost 4.0-mm-sf).

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