Office leasing activity down, rents up

July 10, 2007 12:00AM

Manhattan office rents continued to rise in the second quarter, though leasing volume dropped off from the highs seen in 2006. Leasing activity for all of Manhattan fell 5.4 percent in the second quarter compared to a year ago, but rents continue to push upward, according to a report by Cushman & Wakefield. The overall average asking rent in Manhattan in the second quarter was $59.17, up 10.7 percent from the first quarter of 2007. And Manhattan’s total vacancy rate continues to tighten. It was 5.3 percent in the second quarter, down 0.4 percent from the prior quarter. more By Vanessa Londono

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