Small deals tighten Manhattan office market

Smaller deals drove the Manhattan commercial market in April as office tenants moved to lease space before asking rents go any higher. Already at record highs, rents in the borough went up more in April, according to brokerage Colliers ABR. The average asking rent for Manhattan went from $44.23 in March to $44.73 by the end of April. The biggest lease inked last month — for 85,000 square feet — was the Capital Group’s renewal and expansion at 630 Fifth Avenue. more By Tom Acitelli