CITY POPULATION

8.3 million
Source: U.S. Census Bureau

METRO AREA VITAL SIGNS

Manhattan Office:

7.4% vacancy, 3Q 2008

5.7% vacancy, 3Q 2007

$72.97 rent per sq. ft., 3Q 2008

$62.91 rent per sq. ft., 3Q 2007
Source: Cushman & Wakefield

Multifamily:

2.3% vacancy, 2Q 2008

2.4% vacancy, 2Q 2007

$2,847 effective rent, 2Q 2008

$2,634 effective rent 2Q 2007
Source: Reis

Manhattan Retail:

12% vacancy, 3Q 2008

7% vacancy, 3Q 2007

$200 rent per sq. ft., 2Q 2008

$220 rent per sq. ft., 2Q 2007
Source: Prudential Douglas Elliman

Industrial:

6.3% vacancy, 3Q 2008

3.7% vacancy, 3Q 2007

$43.19 rent per sq. ft., 3Q 2008

$38.45 rent per sq. ft., 3Q 2007
Source: Marcus & Millichap

Hotel:

89.2% occupancy, 2Q 2008

88% occupancy, 2Q 2007

$256.05 average daily rate, 2Q 2008

$234.47 average daily rate, 2Q 2007
Source: Smith Travel Research

UNEMPLOYMENT RATE:

5.8%
Source: New York State Department of Labor

MAJOR PROJECTS

Freedom Tower: The 1,776-ft. main structure of the new World Trade Center is part of a four-building complex that will surround the World Trade Center Memorial. The tower will house office and retail space. Designed at the site of the towers destroyed on Sept. 11, 2001, the building features an architectural twist at the top. The observation deck will stand at 1,362 ft. Developer Larry Silverstein previously completed Seven World Trade Center nearby.

Developer: Silverstein Properties

Completion: 2013

Cost: $2 billion

11 Times Square: The 1.1 million sq. ft. office and retail tower at Eighth Avenue and 42nd Street sits at the western gateway to the Times Square entertainment district and the nearby business corridor. The 40-story high-rise is the largest speculative development under construction in Manhattan. Energy-saving features include exterior sunshades to reduce glare, and 90% of its spaces are designed to use natural lighting.

Developer: SJP Properties

Completion: 2010

Cost: $1.2 billion