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Avison Young: Vacancy Froze in Q1

NEW YORK CITY—Several large blocks of space came onto the market, stopping the decline that had been ever present for the past 18 months, reveals a new report obtained EXCLUSIVELY by GlobeSt.com.

By Rayna Katz | Updated on April 27, 2015

NEW YORK CITY—During the first quarter of 2015, the Manhattan office market experienced a vacancy freeze, as several large blocks came onto the market and halted the decline that had become the norm over the past 18 months, according to a new report by Avison Young obtained EXCLUSIVELY by GlobeSt.com.

“New York City vacancy experienced a freeze due to several big blocks coming onto the market, but this space will continue to be absorbed as job growth drives office expansion in the coming months,” comments A. Mitti Liebersohn, Avison Young principal and New York City president.

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