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- Office vacancies in Manhattan jumped to a 21st century record as the Covid-19 pandemic froze new rental deals and sublease openings soared. Last year ended with a 15.1% vacancy rate, up from 11.1% in 2019 and the highest in data going back to 1999, according to a report by Savills, a commercial-property services firm.
www.bloomberg.com/news/articles/2021-01-05/manhattan-office-vacancies-soar-to-a-record-with-leasing-frozenManhattan Office Vacancies Soar to a Record With Leasing ...
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Jun 14, 2022 · More than 120 million square feet of office space has remained vacant ever since the first quarter of 2021 and shows no signs of being reduced. As of June 1, average asking rents of $65 a square foot represented a decline of 30% from the $90 being demanded in 2019, according to Lander’s report.
- Economic Trouble Signs Emerge for NYC as Office Vacancy Rate ...
Office vacancy rate keeps rising. Office occupancy declined...
- Economic Trouble Signs Emerge for NYC as Office Vacancy Rate ...
Jun 15, 2023 · Overall, the city’s unemployment rate ticked down to 5.3% in May from 5.4% the previous month. The local jobless rate has remained stuck at that level since last October, while the national rate has been consistently lower, with the May figure at 3.7%.
- A Message from The Comptroller
- The Economy
- City Finances
Dear New Yorkers, With COVID cases rising once again with the spread of the Delta variant, the economic data are mixed this week. Subway ridership and office occupancy are growing—along with apartment rents, which have begun rising for the first time since the pandemic. But retail and office rents continue to fall, amid rising vacancy. We’re not ou...
National Indicators
1. Initial U.S. unemployment claims jumped to a seasonally adjusted 419,000 for the week of July 17th, up from 368,000 the week prior (Chart 1). It is the most initial claims since the week of May 15th, 2021.
Transportation
1. Weekday subway ridership picked up last week, averaging 2.485 million, which was slightly above pandemic-era highs recorded in June (Chart 8). 2. The MTA’s recently updated Financial Plan shows a vastly improved financial outlook compared to last year due to $6.5 billion approved in the American Rescue Plan Act and improved fare, toll and tax revenue forecasts. However, as riders have returned, the MTA has had challenges with crew availability and struggled to staff trains and buses. In Ju...
The City’s central treasury balance (funds available for expenditure) stood at $12.96 billion as of Wednesday, July 21st. At the same time last year, the City had $12.61 billion (Chart 10).The Comptroller’s Office’s review of the City’s cash position during the third quarter of FY 2021 and projections for cash balances through September 30th, 2021, are available here.Apr 20, 2023 · Office vacancy rate keeps rising. Office occupancy declined in early April as schools closed for spring break in the New York area — but the big news is the worsening of the office market in Manhattan.
Jul 1, 2021 · While some companies are preparing to call back workers to their offices, the amount of office space available for lease in Manhattan has soared to the highest rate ever, according to reports ...
Oct 11, 2021 · The office vacancy rate hit a 30-year high of 18.6 percent, easily outpacing the 15.2 percent rate at the end of 2020. Among the city’s three major business districts, Midtown South is...
Feb 15, 2022 · The vacancy rate climbed to 17.3 percent at the end of last year — up by one-fifth from 2020 — but leasing activity accelerated over the year, rising 60 percent in the third quarter and...
