Manhattan Office market: Increased vacancy rates means a better office space deal!
On Monday, the Manhattan commercial office space experts (JLL) announced a 12 percent vacancy rate increase for the first quarter of 2009. They predict that these availability levels for Manhattan office space could reach the ones of the early 90’s in the second quarter of 2009. So with an increase in availability, now more than ever, it’s a great time to locate businesses in traditionally exclusive Manhattan locations. Prices, especially in Midtown Manhattan, have dropped 17% compare to last year, reaching a low $65 per square foot.
According to New York State Department of Labor, the city has seen 97,000 job losses, mostly in the financial industry, since August 2008 which has directly resulted in increased vacancy rates. Landlords are more than ever hit by the global downturn, as tenants move out to downsize or find more flexible terms at a better rate.
Businesses now have a great opportunity to find office space to lease in Manhattan at much lower rates, with business center operators offering short term contracts from 1 month to 3 years. They propose an easy-in-easy-out office space solution through the downturn to all types of companies, from start-ups to corporates.
Leasing an executive office suite provides tenants with great freedom, as it is an all inclusive solution, so they only need concentrate on their own success. The rented space is customized to the business needs and includes a large range of services such as fully furnished space, IT & telecom support, break-out areas, use of meeting rooms.
There are several business center operators in Manhattan offering some great deals, such as one month free rent and bargain rates. To find them all, businesses can use free services such as Search Office Space. This broker lists all the executive office suites to lease in Manhattan and provide prospects with the latest offers not to be missed in the Big Apple. Simply go to https://www.searchofficespace.com/usa/office-space/manhattan-executive-suites.html or call 888-989-0007.