As the vacancy rate for Manhattan Class A office space continues to drop, landlords are trying to see how far they can push up asking rents, according to Crain’s. They are holding back on their most sought-after properties in order to achieve higher rents.

According to recent data from Cassidy Turley, the Class A vacancy rate dropped to 10.8 percent for June, down a full percentage point from the same period last year. Yet, the number of buildings with zero vacancies dropped — from 48 to 42. Only 23 Midtown office buildings are now fully occupied, Crain’s said.
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Grubb & Ellis’ Joseph Swingle, 1411 Broadway (building photo source: PropertyShark)

In
a sign that the office leasing market is strengthening, asking rents in
Midtown Class A buildings rose for the first time in two and a half
years during the second quarter, but still overall asking rents for
Manhattan office space continued to decline, a new report from
commercial ser [more]