Report: Manhattan real estate market loosening up
"Manhattan office rents fell 2.2 percent in the second, the first decline in the most expensive U.S. office market since 2005, according to real estate broker Studley Inc.
"The decline was 4.4 percent for Class A office space, according to a preliminary second-quarter New York market report by Studley, which represents tenants. The broker blamed a 'malaise' among Wall Street securities firms, which hadn't previously stopped the rise in rents, in a report by Steven Coutts, Studley's senior vice president for national research services. The full report will be released next week."
Also from the story: New York City's Independent Budget Office recently forecast that the city would shed 33,000 jobs in the finance industry, good for a drop of just over 7% from the 2007 peak.