Manhattan Absorption Motoring Along
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contact Ruth Golod, Vice President at the Corcoran Group: (212) 893-1723.
Commercial Property News is reporting that New York City commercial real estate absorption rates are moving along at a record pace. According to the article, Manhattan’s overall vacancy rate dropped to 8.9% in November, its lowest rate since back in July 2001. This is happening in lieu of the residential real estate market seeing a slow down in the pace of higher end and mid-sized properties. The commercial boom however is expected to continued with healthy tenant demand from the financial industry in New York.