Manhattan Office Space Flooding the Market

These days, developers and commercial real estate brokers have a tough time filling office space in Manhattan in New York City.  Following a building boom in which developers flooded the market with office space in newly constructed towers, tenants are hard to come by.  According to the NY Times, many tenants who signed deals in 2007 are seeking to abandon their prime office space.  Part of the problem is that the hedge funds have become defunct, leaving the prime real estate locations in the city.  While only 20 Million square feet have been built in this decade according to CB Richard Ellis, supply is finally catching up with demand.