Midtown Manhattan Office Vacancies to Rise as Large Spaces Empty

By David M Levitt, Bloomberg News

Midtown Manhattan, once the pinnacle of U.S. office markets, is facing a jump in large, empty work spaces as new towers open and tenants spread out across the city, including outer boroughs that businesses once shunned.

By 2017, about 21 million square feet (1.2 million square meters) of Midtown’s Class A offices, or about 14 percent of the market, will probably be available, Keith DeCoster, director of U.S. real estate analytics for brokerage Savills Studley Inc., estimated. That’s just shy of the 22.6 million square feet of top-quality space that was available at ...