Bloomberg reports:
Manhattan’s Plaza district, the area near Central Park that commands the nation’s highest office rents, has a glut of space as financial firms cut back and tenants seek trendier neighborhoods south of Midtown.
Awfully strange for an economic recovery:
The availability rate for offices in the Plaza submarket reached 12.3 percent last month, a two-year high, as space leased to Citigroup Inc. (C) and General Motors Co. (GM) went on the market, according to data from brokerage Colliers International. It was 10.5 percent in the third quarter of last year.
The decline of financial services:
Financial and securities firms employed about 444,000 people in New York City as of last month, about 30,000 fewer than they did in August of 2007, according to the city’s Independent Budget Office.
Real estate recovery?
