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Soaring Manhattan office availability rate slows

Ilaina Jonas Reuters
The setting sun reflects off the buildings of Manhattan at sunset during the biannual occurrence named "Manhattanhenge" in New York May 31, 2009.

The setting sun reflects off the buildings of Manhattan at sunset during the biannual occurrence named "Manhattanhenge" in New York May 31, 2009.


NEW YORK (Reuters) - The deterioration of the Manhattan office availability rate slowed in the second quarter, signaling the worst may be over for the market, real estate services company FirstService Williams said in a report.



Although the Manhattan office market's total availability rate -- which includes vacant space plus space scheduled to become available within a year -- rose to 13.4 percent in the second quarter from 12 percent in the first, the increase slowed significantly in the latter half of the quarter, according to the report released to Reuters on Sunday.

That could help major Manhattan landlords such as SL Green Realty Corp, Vornado Realty Trust, Boston Properties Inc and Brookfield Properties.

During the second quarter an additional 4.7 million square feet of office space was put on the market, surpassing the 3.9 million square feet that hit the market in the first quarter.


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