Manhattan Office Market Hit by Slump
January 4, 2010
From Herald News Services

Midtown Manhattan office rents for the best-appointed properties fell 30 per cent in 2009 as financial firms abandoned space, brokerage Studley Inc. said. ...

... "While the first half of 2009 was a dizzying free fall, the U.S. economy and Manhattan's office market shifted to a slow slog in the second half," wrote Steven Coutts, Studley senior vice-president for research. "More telling, however, was the concerted effort of Manhattan's largest financial firms to unload space."

Manhattan lost about 40,000 financial services jobs in the financial crisis, most following the collapse of Lehman Brothers Holdings Inc., the sale of Merrill Lynch & Co. and the government bailout of American International Group Inc.

Link to article