Nice January — But Vacancies to Rise Again Downtown

January brought good news for the market for office space in Downtown NYC. The New York State Attorney General will take 345,000 square feet at 28 Liberty St. The Royal Bank of Canada signed for 400,000 square feet at 200 Vesey St.

The good news was enough to push the Downtown office vacancy rate down 60 basis points to 11% — close to the 10-year average of 10.9%.

But, every little bit of good news in the office market for Downtown is overshadowed by 3 World Trade Center, which will open this year with 1.8 million square feet of space. “Vacancy is expected to increase by year-end 2017,” according to the February 2017 Monthly Market Update from JLL.

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