The vacancy rates for Manhattan commercial properties hit a post-financial crisis low in the first quarter of 2016, but new leasing activity was down, according to a report by New York City Comptroller Scott Stringer.
Vacancies hit 9 percent between January and March of this year, down from 9.2 percent in the first quarter of 2015, the lowest level since the first quarter of 2008. Midtown South saw the fastest decline, with rates dropping to 6.3 percent from 7 percent last year.