Office space in midtown Manhattan is at a premium. The vacancy rate is now below 7% according to a report yesterday in GlobeSt.com, citing second quarter statistics released by Cushman & Wakefield. In Midtown South the vacancy rate is at 6%.
Cushman & Wakefield CEO Joe Halbert said he “wouldn’t be surprised” if rents hit $200 a square foot by Dec. 30.” Ouch.
