New York Market Overview
- Total Manhattan Class A Office vacancies increased from 9.0 % vacant to 9.2 % vacant
- Total New York City Office vacancy increased from 7.8 % vacant to 8.0 % vacant
Asking rents for Manhattan office space remain muted even as tenants have inked deals for more space over the past six months than any time in more than a decade. For all types of Manhattan office buildings, average asking rents were up only 2 percent in the second quarter of 2011 compared with the same period a year ago, or $1.21 per square foot to $55.52 per square foot.