Construction at the Manhattan West project
The balance between demand and new construction, such as Manhattan West in New York City, is expected to remain favorable throughout 2016. (Photo courtesy of Posillico.)
N EW YORK CITY---Those with a stake in the US office market should take encouragement from “the steady drumbeat of vacancy declines,” even if the drum isn't playing at the fastest pace imaginable, says Ryan Severino at Reis Inc. The New York City-based research firm says office vacancies nationwide dropped 10 basis points during the first quarter to reach 16.2%, a slower decline than the 20-bps seen in Q4 2015 but still ahead of supply growth. Construction at the Manhattan West project
The balance between demand and new construction, such as Manhattan West in New York City, is expected to remain favorable throughout 2016. (Photo courtesy of Posillico.)
N EW YORK CITY---Those with a stake in the US office market should take encouragement from “the steady drumbeat of vacancy declines,” even if the drum isn't playing at the fastest pace imaginable, says Ryan Severino at Reis Inc. The New York City-based research firm says office vacancies nationwide dropped 10 basis points during the first quarter to reach 16.2%, a slower decline than the 20-bps seen in Q4 2015 but still ahead of supply growth. Severino senior economist the last seven quarters since the second quarter of 2009 During Q1, 6.061 million square feet from the previous quarter 11.093 million square feet from recent quarters 10.141 million square feet from Q4 15.799 million square feet Severino during Q1, this quarter for 2016 Severino Severino in 2016 30-40 bps by the end of the year
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