Manhattan office market shows further improvement in march: CBRE

The Manhattan office rental market continues to show strength, according to a CB Richard Ellis report released today. In March, office rents garnered an average of $49.93 per square foot, up $0.32 from February. Midtown and Midtown South were the most active Manhattan office markets as both exceeded their five-year monthly average of space leased — Midtown South leased 550,000 square feet of office space, nearly doubling the five-year monthly average of 290,000 square feet. Though Downtown recovered from a weak February that saw a negative 90,000-square-foot absorption rate as asking rates jumped $1.32 per square foot to $39.33 in March, the area still trails its five-year monthly leasing average. TRD