The availability
rate for Manhattan office space hit its highest level in 13 years last
month, according to a new report by real estate advisory firm Newmark
Knight Frank.
The amount of office space available for rent reached 13.4 percent
in April, up from 12.9 percent a month earlier, and average asking
rents fell 2.5 percent to $48.12 per square foot.
The last time the availability rate was this high was in 1996, the report says. TRD
