Despite a drop in leasing activity from last year, the Midtown South office market continued to be the tightest in the city during the third quarter. The availability rate of 7.9 percent pushed average asking rents up to nearly $71 per square foot, according to CBRE’s latest market report.
Midtown South leasing activity totaled 1.5 million square feet in the third quarter, down 16 percent from the same period last year but 13 percent above the five-year average for the quarter. The latter is “indicative of the strong demand for office space that has defined the market since early 2010,” the report said. [more]