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Manhattan Office Availability Hits Lowest Rate In Years

NEW YORK CITY—Newmark Grubb Knight Frank reports that Manhattan's office availability rate fell to 11.3% at the end of the first quarter, the lowest rate since the fourth quarter of 2008 when the rate stood at 11.2%.

By John Jordan | Updated on April 18, 2014

NEW YORK CITY—Newmark Grubb Knight Frank reports that Manhattan’s office availability rate fell to 11.3% at the end of the first quarter, the lowest rate since the fourth quarter of 2008 when the rate stood at 11.2%.

The Manhattan office availability rate was 12.2% at the end of the fourth quarter of 2013. Direct availability, which had stayed at around 44 million square feet for four years, fell by 2.7 million square feet in the first quarter.

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