New York City’s Business District Fairing Better than Other Major U.S. Cities
Although the challenges facing New York City’s central business districts are significant, the findings of an analysis of office availability across the nation’s top 10 largest office markets completed in June 2023 by real estate platform Costar revealed that the city has the second lowest availability rate — which stood at 18.2%. Among the 10 cities analyzed — New York, Boston, Houston, San Francisco, Dallas, Chicago, Seattle, Austin, Los Angeles and Atlanta, Boston claimed the title of the city with the lowest availability rate of 17.9%. In contrast, Houston had the highest availability rate of 29.6%, followed close behind by San Francisco’s 29.5% vacancy, while vacancy rates of the remaining 6 cities — Atlanta, Los Angeles, Austin, Seattle, Chicago and Dallas ranged 21% to 24.9% with recent trends among the analyzed office markets providing “example of the current, widespread weakness throughout the U.S. office market as a whole.”