Nationwide office vacancies increased for the first time in eight years in 2017, according to CBRE. However, New York and other tech centers' cities still managed to top the list of metros with the lowest vacancy rates.
NYC's population is increasing at record levels each year, and the city has had a consistent rate of job growth. With extensive pools of talent in finance, media, tourism, and tech, it's no surprise that NYC's office market is the most important in the nation.
But, with the rapid rate of technological innovation occurring, tenants' space needs are changing drastically. Less personal space is required, and the demand for open, collaborative spaces is increasing. These are all unique trends that require expert navigation.