Office market ending 2005 in full recovery mode

New York /
Dec.December 29, 2005 12:00 AM

Continuing a long run at recovery going back to late 2001, the Manhattan commercial market will likely end 2005 with higher asking rents and lower vacancy rates than when the year started, according to preliminary fourth quarter numbers released Thursday evening by brokerage Grubb & Ellis. All three submarkets Midtown, Midtown South, and Downtown saw vacancy rate declines over the last quarter and increases in average rents.

The overall Manhattan vacancy rate for the fourth quarter was 8 percent, down from 8.9 percent in the third quarter and from 10.5 percent in the same quarter last year. The average asking rent for Class A space in Manhattan, according to Grubb & Ellis, was $58.34 a square foot in the fourth quarter, up nearly $1 on average from the third quarter and more than $3 from the fourth quarter 2004. The average asking rent for Class B space reached $40.51 in the fourth quarter, up from $39.79 in the third quarter and $39.19 in the same period last year. more


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Vornado’s Steve Roth and 888 Seventh Ave (Getty, Google Maps, iStock)
Vornado sues Hongkun USA, seeking $1.1M in rent
Vornado sues Hongkun USA, seeking $1.1M in rent
Mauricio Umansky, Rainy Hake Austin and Robert Reffkin (Getty)
The Agency sues Compass for blocking exec from recruiting former colleagues
The Agency sues Compass for blocking exec from recruiting former colleagues
SmartRent's Lucas Haldeman and Fifth Wall's Brendan Wallace (iStock)
What SmartRent’s $2.2B SPAC means for multifamily
What SmartRent’s $2.2B SPAC means for multifamily
US developers face Israeli bond market reckoning
From slam dunk to junk: US developers face Israeli bond market reckoning
From slam dunk to junk: US developers face Israeli bond market reckoning
Signature Bank CEO Joseph DePaolo (Getty, Google Maps, iStock)
Signs of success, trouble for property lender Signature Bank
Signs of success, trouble for property lender Signature Bank
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...