New York City office building owners have been struggling for stability during the economic downturn, but the worst may be behind them, experts said on Tuesday.
New York has been hit by the weak U.S. economy that has cut demand for office space all over the country. Rents have been dropping and vacancy rates have kept going up.
The market for office space in the 'Big Apple' has been further depressed by once rented office space being put back on the market and by prospective tenants hesitating to make any deals for space right now, while they wait to see how their business will fare next year.
Landlords and industry watchers, however, are expecting things to turn around in 2003.