The tale of two markets: pre- and post-2010 construction in Manhattan
Overall availability rates, Q2 2024 vs. Q1 2020
- Manhattan buildings constructed before 2010 have experienced an increase in availability from 12.7% in Q1 2020 to 19.9% in Q2 2024.
- In contrast, availability in newly constructed Manhattan buildings (post-2010) has decreased from 17.3% in Q1 2020 to 15.9% in Q2 2024.
- Landlords must continue to modernize and invest in aging properties, while tenants entering the market need to understand their asset-specific leverage in this increasingly segmented marketplace.
August 28, 2024
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US-NY-NYC New York