NYC Office Vacancies May Hit 12 Percent by 2011

NYC office vacancies may rise to 12 percent by 2011, says SL Green Realty Corp. CEO Marc Holliday.

SL Green, the biggest office landlord in New York, currently holds 23.2 million square feet of space and expects to be protected from the sharp decline because it’s currently signing tenants at rents 65 percent higher than what they were paying.

A report recently released by CB Richard Ellis, the world’s biggest commercial real estate services company, noted that Manhattan office vacancies rose to an astounding 7.6 percent in the fourth quarter, representing the largest increase since 2004.