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In Manhattan, average asking rents are down 5.6 percent from their peak in May, while in D.C. they are holding steady.
In Manhattan, the Class A vacancy rate is 9.1 percent to D.C.’s 7.8, according to Colliers’ third-quarter reports.
New York has a negative absorption rate, D.C. has a positive one.
D.C. has a 4 percent unemployment rate, while New York City’s stands at 5.7
Sublet availability in Manhattan has skyrocketed 113 percent compared to the third quarter last year, while it has only risen 15.6 percent in D.C.
The D.C. area is on pace to add 31,200 jobs in 2008, another 29,000 in 2009, and yet another 42,500 in 2010.
The New York City comptroller, in contrast, recently predicted that NYC would lose up to
165,000 private-sector jobs in the next two years.
Source: The New York Observer, 11/11/2008