Things will be good, not great, in the Manhattan office market this year, according to a new report from investment sales brokerage Marcus & Millichap. Key findings of the report:
- Citywide, employers are forecast to create 16,000 jobs in 2008, a 0.4 percent annual gain.
- An estimated 3 million square feet of office space will be brought online in 2008.
- Vacancy is forecast to end the year at 5.4 percent.
- Asking rents are projected to advance 8 percent to $57.51 per square.
- Effective rents will gain 8.4 percent to $51.24 per square foot.