Midtown Manhattan losing rental shine
August 21, 2014

The lustre is fading on some of midtown Manhattan's shiniest skyscrapers.

Buildings in Midtown, from 30th Street to Central Park South at 59th Street, have more vacant blocks of contiguous office space than at the height of the recession in 2009, as landlords face increased competition from buildings downtown and at Hudson Yards on the far west side, according to a study by Savills Studley Inc, a New York-based real estate brokerage.

"The epicentre of this city has shifted several times before and is in the process of shifting again," Michael Cohen, tri-state region president of brokerage Colliers International, said in an interview. Midtown is "the hole in the doughnut", where landlords are vulnerable to extended vacancies and rents that probably won't rise dramatically.

Midtown Manhattan losing rental shine

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