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C&W: 2014 Leasing Broke 16-Year Record

NEW YORK CITY—The uber healthy volume of deals pushed vacancy rates in all three of Manhattan's submarkets to single digits for the first time in nearly two years, according to newly released research.

By Rayna Katz | Updated on February 06, 2015

NEW YORK CITY–New commercial leasing activity in Manhattan last year reached 32.8 million square feet, its highest total in 16 years. The overall vacancy rate closed out 2014 at just over 9%, with indicators pointing to continued strength in the year ahead, according to Cushman & Wakefield‘s newly released fourth quarter statistics.

“2014 was a very strong leasing year, with record volume, declining vacancy and rising rents,” declares Ron Lo Russo, president, New York tri-state region. “Manhattan also had record absorption of more than 10 million square feet, which was driven by solid job growth. We expect the New York market to maintain strong momentum in 2015 as the region continues to grow, diversify and thrive.”

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