Vornado Posts Fourth-Quarter Results; Tech Influx Should Add to Important Submarkets for the Company
Vornado ended it’s first full post-spin quarter with funds from operations (FFO) of $0.98 per share, down mildly from last year’s $1.02 per share. The company also boasted ending occupancy above 97%, saying that its New York Office segment ended the year nearly full.The overall Manhattan office market currently posts a vacancy rate of approximately 8.9%, a 40-basis point improvement over last year, and there’s no questioning the transformation that’s occurring across the submarkets of the coun...
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