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New York

Midtown South has nation’s lowest office vacancy rate

 
Midtown South’s office vacancy rate ranked as the nation’s lowest, despite a year-over-year increase from 3.5 percent to 5.9 percent in the second quarter, according to a Cushman & Wakefield quarterly report.

New York City, which had the most commercial leasing activity nationwide, saw average asking rents increase by $14.88 from last year’s second quarter.

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Midtown Manhattan’s average asking rent reached $83.96, tops in the nation, followed by Midtown South at $53.22 and Downtown at $50.74. Boston ranked No. 4 at $50.09 and Washington, D.C., ranked No. 5 at $49.42. Fairfield County, Conn., ranked No. 7 at $45.05.

Despite increasing rents and a high level of activity, all three Manhattan submarkets saw increases in vacancy. Midtown’s vacancy rate increased from 5.3 percent to 7.1 percent and Downtown’s increased from 6.7 percent to 7.7 percent. TRD