- Posted at 11:01, December 04, 2013
- By Russ Bleemer
Low on the growth scale but high in desirability.
That's the portrait of New York office space in Cushman & Wakefield's Global Office Forecast 2014-2015.
ICYMI it yesterday, the real estate services firm has posted it in full, following up on presentations last week, HERE.
New York's projected compound rent growth among the world's top growing cities was at the bottom of the list, at about 5%. Jakarta topped that list at more than 25% compound growth (with high supply), followed by Dublin at about 12% growth and Boston at about 11% (with asking rents projected to grow 22%).
Boston, Houston, and San Francisco were projected to have lower vacancy rates in 2015 than New York among the top 10 U.S. cities.
The report says that New York will see "[i]mprovement in net absorption coupled with substantial new space being delivered over the next two years (which is 48.0% preleased) supports continued rent growth averaging 7.2% over the next two years. Despite the influx of new space,
Manhattan's vacancy rate will remain among the lowest in the nation."