New York Market Overview
- Total Manhattan Class A Office vacancies stayed at 10.0 % vacant
- Total New York City Office vacancy stayed at 8.6 % vacant
The already low availability rate of Downtown office space is likely to drop even more, as a number of pending leases could take up roughly 2 million square feet before the end of the year.
Some of Manhattan’s most popular shopping districts such as Madison Avenue, Times Square and Upper Fifth Avenue are seeing record ground floor asking rents even as prices fall on the Upper East and Upper West sides.
The Manhattan market’s ongoing recovery slowed in April, as the overall ability rate rose, with roomy Midtown South offerings hitting the market.
Rental rates in Manhattan’s choicest office buildings are on the rise, with asking rents nearing pre-recession highs from 2007 and 2008.
The office-leasing market in Manhattan remained strong last month, with the average asking rents rising in all submarkets, even as the availability rate ticked up in Midtown South as landlords made several large blocks available. Those included the Kaufman Organization listing the first of four former F.M. Ring Associates properties.