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Vacancies At New York Top Offices Rise 43%
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According to reports from Bloomberg, vacancy rates for top-class New York office space jumped 43% to 7.7% in the third quarter as Wall Street laid off more workers.
While rents are holding up, analysts see signs that this will reverse. The report notes that 23% of the office space available is sublease space, or space available from tenants as opposed to landlords. A rise in sublease space tends to depress rents, as tenants don't have the same incentive to seek top dollar as landlord do and may just try to dump the space.
REITs With New York Exposure: Vornado Realty Trust (NYSE: VNO), SL Green Realty Corp. (NYSE: SLG), Mack-Cali Realty Corp. (NYSE: CLI), Boston Properties Inc. (NYSE: BXP).
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