The Real Deal New York

Office space availability rises as landlords chase higher rents

New spaces hit the market at higher rates, driving up averages throughout Manhattan

March 05, 2015 04:20PM
By Adam Pincus

commmarket

Left: The William Kaufman Organization made five full floors at 437 Madison Avenue available at above Midtown’s average asking price last month. Middle: Private equity fund Veritas Capital Fund Management inked one of the most expensive recent deals for about 15,000 square feet at Sheldon Solow’s 9 West 57th Street. Right: Digital marketing firm Amobee signed a 3.5-year lease for 12,250 square feet at 162 Fifth Avenue.

From the March issue: New product put on the market with an eye toward capturing broad rent increases boosted the availability rate across Manhattan last month. It was the first time in nearly a year availability rose in all three of the borough’s office leasing submarkets, information from commercial brokerage Colliers International showed. [more]

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