Office vacancy rate continues slide

A report from brokerage Colliers ABR shows that vacancy rates for Manhattan’s commercial real estate market continue to fall. The overall vacancy rate fell to 6.9 percent in the second quarter, compared to 7.2 percent in the first quarter, while Class A vacancies fell from 6.1 percent to 5.6 percent over the same period. New leasing activity, however, fell this second quarter compared to the same period last year, dropping to 5.2 million square feet from 7.7 million square feet. Average asking rents increased 8.3 percent since March to $60.71 per square foot. In Midtown, average Class A rents hit a record $92.31, up 12 percent for the quarter. TRD