Those who are stubbornly optimistic about the return of the Manhattan office market might want to take a close look at this report from the New York Building Congress.
It looks like major commercial development in Manhattan is still sluggish, which is no surprise considering the recent recession. In fact, the report blames the downturn in significant new office construction on the “dramatic decline in employment along with a sharp rise in office vacancies.”
Still, ever-positive as the Building Congress is, the trade group sees a silver lining to this slowdown. Read More