A Fresh Take on CRE

Tenant Demand Stalls; Available Space Continues to Grow—Grubb & Ellis NYC Office Market Trends—June 2009

June 2009 Office Market Highlights


• Leasing velocity is down 40% through May compared to one year ago

• The professional services sector accounts for 31% of 6.3 million square feet leased this year

• Availability (13.5%) and vacancy (7.8%) continue to rise

• Generous concessions and falling prices are making transactions more cost-effective for tenants


Here's the report

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