New York had lowest vacancy rate in 2001, CoStar report says.New York-is proving remarkably resilient as it continues to recover from the Sept. 11 terrorist attacks. As 2001 came to a close, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of had the lowest overall vacancy rate -- 9.4% -- of any major American city, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. newly released market research from CoStar Group CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of information services to commercial real estate professionals in the United States and the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of , Inc., the leading provider of information -- services to the U.S. commercial real estate industry. The CoStar Office Report Year-End 2001 provides comprehensive real estate statistics on 35 markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. including New York, NY. In addition to research on issues ranging from absorption, deliveries, vacancy and rental rates, the new report provides detailed analysis of the New York market. While Manhattan posted a lower overall vacancy rate than the national average of 13.6%, vacancies in the city increased throughout 2001, despite the demand created by displaced World Trade Center tenants. Much of the increase was the result of a surge in sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space as tenants dumped 8.57 million SF of office space back on the market, most of it in the third and fourth quarters. By contrast, the amount of direct vacancy increased by only 4.4 million SF during the year. "Terror and the economy have taken a toll on the city," said Jake Adler, CoStar research manager for New York. "However, New York remains one of the strongest office markets in the United States." The CoStar Office Report also shows that Manhattan remains the most expensive office market in the country with an average rent of $45.42 per SF. However, rental rates in New York declined in all four quarters of last year, dropping from an average of $47.35 per SF in first quarter. Markets covered in the CoStar Office Report include Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas, Denver, Detroit, Houston, Indianapolis, Jacksonville, Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Long Island, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , New Jersey, New York, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle, South Florida, St. Louis, Tampa, Washington DC, and Westchester/Southern Connecticut. |
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