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DTZ: Office Returns Flowed in February

NEW YORK, NY—With major spaces returning to the market in ten buildings, bargain hunting may continue in class B.

By David Phillips | Updated on March 05, 2015

NEW YORK, NY—Returning space continued to flood the Manhattan office market in February as another 10 office buildings each added 45,000 square feet or more to the available supply, according to a monthly report from DTZ.

Despite 21 buildings coming to market with significant availabilities this year, the overall availability rate dipped 10 basis points to 9.8%. The bulk of the space returns occurred in class B buildings, which accounted for eight of the aforementioned 10 buildings and posted the second consecutive month of negative absorption for Manhattan class B.

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