The Real Deal New York

Manhattan office rents drop nearly 4 percent in November

December 05, 2008 01:47PM
By Adam Pincus

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Office rents continued downward last month, according to a report released today by real estate services firm Newmark Knight Frank.

Asking rents in Manhattan fell 3.8 percent in November to $57.49, off a peak in February of $65.75, the report said. The vacancy rate remained flat at 6.3 percent, but the availability rate jumped .6 points to 10.9 percent.

“With employment dropping, the intensity with which space is used has fallen. As a result, the amount of vacant space will continue to move higher,” the report’s authors said.

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