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August 2015

August 2015 » Market Analysis » Market Report

August 2015 New York Commercial Real Estate Market Report

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Manhattan Office: Strong demand for Manhattan Class A office space caused vacancies to decrease month over month. Meanwhile, Class B and C office space vacancies increased slightly as prices were recently increased. Manhattan Retail: Continued strong demand for Manhattan retail pushed vacancies down, despite rising prices....

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 9.3 % vacant to 9.4 % vacant
  • Total New York City Office vacancy increased from 7.9 % vacant to 8.0 % vacant
Manhattan office prices keep rising with continued low vacancies . All markets are doing well except Midtown East, with its aging office buildings and few major tenants signing high-profile leases.

Manhattan office vacancy rates have dipped below 9 percent to 8.8% for the first time since 2009, with Midtown office market asking rents to a seven-year high. Average asking rents are more than $76 per square foot with a 7.2 percent increase year-over-year. There was 1.1 million square feet of positive office absorption in the second quarter recovered. Total Manhattan leasing activity continued was 13 million by the middle of the year, compared to 19.2 million square feet last year.

The Midtown market's 10.5 million square feet of new leases through the first half of 2015 represented a 12.5 percent year-over-year increase. Downtown vacancy rates stood at 10.3 percent, while Midtown South had the tightest vacancy of 6.2 percent.
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