Office vacancies on Sixth Avenue could reach 20-year high

As large office tenants either move or lay off employees, vacancies in the Sixth Avenue submarket could hit 12.5 percent—a 20-year high, Crain’s reported. The vacancy rate currently stands at 10.7 percent. AXA Equitable, the life insurance company, has plans to downsize its 1290 Sixth Avenue operations and move employees to Jersey City, potentially putting 400,000 square feet of its current 500,000-square-foot space on the market, sources told Crain’s. The exodus from Sixth Avenue began [more]