Office space availability in Manhattan rose 13.6% in November, to hit a vacancy rate of 9.1% overall, the highest level since 2003, according to Colliers International press release. The increase in vacancy rate has been attributed to the pandemic as companies looked for ways to trim costs, including subleasing their offices.
- Colliers International expects new project announcements and groundbreakings to decline significantly until leasing activity resumes on current developments.
- In November, 790,000 square feet (73,400 square meters) was leased in Manhattan, down nearly 80% from a year earlier.
- Rents have dropped more than 3% this year and are now at the lowest level since June 2018
SPDR S&P Homebuilders ETF is currently declining. XHB is down 0.35%