Cushman & Wakefield earlier this week released second quarter statistics for the Manhattan office market showing Midtown vacancy rate dropping to 6.9% at midyear, down from 7.8% at the end of the first quarter. This decline brings the overall Midtown vacancy rate below the 7% to 9% range, which is typically described as equilibrium, for the first time in five years.
"A shortage of high-quality available space in Midtown and a lack of new product on the horizon have given landlords the upper hand," says Joe Harbert, Cushman & Wakefield's chief operating officer for the firm's New York Metro Region.
Year-to-date, vacancy rates are down across all three major Manhattan submarkets of Midtown, Midtown South and Downtown. The most significant decline over the last year occurred in Midtown South, which experienced its lowest vacancy rate since the first quarter of 2001. Availability dropped to 6% at midyear 2006, down 3% from midyear 2005.
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