Commercial prices down, availability up

The
commercial vacancy rate in Manhattan remained at 6.9 percent between
February and March, according to a report released today by Newmark Knight Frank, while average
asking rents fell and availability jumped. In Midtown, the average
asking rent fell to $58.93 per square foot in March from $61.71 in
February. In Midtown South, the average asking rent fell to $38.32 per
square foot from $39.19, and Downtown, the average fell to $38.52 per
square foot from $41.18. Overall, asking rents in the city fell 3.7
percent to $49.36 per square foot, and the availability rate climbed to
12.9 percent from 12.4 percent, the highest rate since 2004. Barry Gosin, CEO of Newmark Knight Frank, was featured in the April issue’s Closing interview. TRD