Search
 

Vacancy Rate of 25% Reported in New York Telecom Space

NEW YORK CITY-Nearly two million sf of space dedicated to telecom use is available in the New York City market and prices are expected to soften as users slowly absorb the sublease and newly-built specialized facilities.

By Jim Roberts | Updated on November 19, 2001

NEW YORK CITY-The New York City telecom real estate market is healthier than the rest of the nation’s, but increased sublease space and new construction could drive down prices unless the economy recovers sooner and stronger than expected.

Third-quarter figures compiled by Grubb & Ellis reveal a 25% vacancy rate in existing telecom space in the New York City market and a 28.8% rate in Northern and Central New Jersey. The national vacancy rate is 38%.

Telecom space is defined as 75% dedicated to telecom use, which includes data centers, co-location facilities and web hosting facilities. The buildings house a very low number of employees and entail special attributes include enhanced security and power sources, fiber connections and climate control.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.