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JLL: Q1 Posted a Surge in Vacancy

NEW YORK CITY—Available space became more prevalent in Manhattan during the first three months of the year and absorption was negative, according to a new report.

By Rayna Katz | Updated on April 01, 2015

NEW YORK CITY—Despite strong leasing activity in the first quarter of the year, vacancy rates increased throughout Manhattan, according to a new report by JLL. The city witnessed negative absorption for the first time since the first quarter of 2014 as a number of large blocks of space were put back on the market.

Manhattan’s overall vacancy rate rose to 10% this quarter, an increase of 5.3% from 9.5% at year-end 2014. New York’s Class A vacancy rate rose to 11% in the first quarter of 2015, an increase of 4.8% from 10.5% the previous quarter.

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