Tuesday, March 30, 2010

NYC Office Market Falters

Bloomberg Reports:

Downtown Manhattan, where demand for office space began to surge three years after the 9/11 terrorist attacks, is about to lose its spot as the best- performing U.S. market.
Vacancies may exceed 14 percent of the area’s 87 million square feet by late 2011, empty space that’s equivalent to four Empire State Buildings and the highest rate since 1997

obviously this is all Goldman's fault - who else?
Goldman Sachs announced plans after 9/11 to move equity trading and research employees to Jersey City, New Jersey... and
...Goldman Sachs’s move to 200 West St. The company will leave behind about 2 million square feet at downtown buildings including 85 Broad St. and 1 New York Plaza.

1 comment:

crabsofsteel said...

Who else? Lehman left after 9/11. Merrill has been merged into B of A in midtown. Besides some smaller shops like Nomura and the ratings agencies, who's left?