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Negative Absorption Continues Plaguing Manhattan's Office Market

NEW YORK CITY-Since the beginning of the year, Manhattan has suffered nearly 6 million sf of negative absorption and seen overall asking rents fall 6%. The highest vacancy rate, 8.7%, was recorded in Midtown South.

By John Howe | Updated on August 02, 2001

NEW YORK CITY-The vacancy rate for Manhattan office space rose 0.4% to 6.5% in June, according to a new report from Grubb & Ellis. It also notes that this borough has seen 5.9 million sf of negative absorption since the beginning of the year, including 1.1 million sf from the month before.

Through May 2000, most of the square footage coming to market was sublet space. But for the first time this year, direct space has become a major factor, amounting to almost half the sublet space.

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