Manhattan Matches Washington, D.C. as Tightest Office Market
By Al Barbarino July 8, 2013 1:51 pm
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A new report from research firm REIS shows that Manhattan has matched Washington D.C. as the tightest office market in the U.S. — a spot the U.S. capital held solo for the previous four years.
Manhattan’s vacancy rate dropped 0.1 percentage points to 9.7 percent in the second quarter, according to data reviewed by the Wall Street Journal, while D.C.’s grew 0.5 percentage points over the past year and 0.2 percentage points over the past three months.
D.C.’s tight market was due largely to the growing size of the federal government and stimulus measures, while tech companies more recently have clamped down in New York.
A recent indication of tech’s continued influence: Web giant Yahoo announced plans in May to lease 176,000 square feet across four floors at the former New York Times Building at 229 West 43rd Street, owned by Blackstone Group.
