The Real Deal New York

Manhattan’s residential sales market may be booming, but the borough’s commercial market is setting records, according to a report from Cushman & Wakefield. Manhattan’s average commercial asking rent reached an all-time high during the first quarter of 2007, according to the report. Rents climbed to $53.43 per square foot, up from $50.56 in the fourth quarter of 2006. The overall vacancy rate also set a new six-year low at 5.7 percent. more By Vanessa Londono