by Calculated Risk on 5/12/2008 07:00:00 PM

From Bloomberg: JPMorgan to Cut 1 Million Square Feet of Office Space

``We've already identified a million feet that will be eliminated,'' [CEO] Dimon said. ``The other small piece of good news here is that it stops us from having to spend $3 billion to build an investment banking headquarters downtown.''
...
Manhattan office vacancies rose to 6.1 percent in the first quarter, the highest in more than a year as financial firms were beset by mortgage losses cut jobs, Cushman & Wakefield Inc. said in a report last month.

This should help the vacancy rate in New York!