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New York

Office space availability rises as landlords chase higher rents

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

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.
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.

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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]