Midtown South, Downtown office markets finished year strong

New York /
Jan.January 09, 2008 11:54 AM

The Midtown South and Downtown commercial submarkets performed better than central Midtown in December, according to a monthly report released by Colliers ABR.

Overall, Manhattan’s office vacancy fell to 7.3 percent in December from 7.4 percent the previous month. Average asking rents increased to $64.64 per square foot from $64.21.

In Midtown South, rents increased to $47.71 per square foot in December from $46.84 per square foot the previous month, and $41.48 a year earlier. The vacancy rate fell to 9.3 percent from 9.7 percent the prior month; however, it was still higher than the 7.6 percent rate recorded in December 2006.
 
Downtown’s vacancy rate dropped to 6.8 percent from 6.9 percent the previous month, and 8.9 percent at the end of 2006.  However, Downtown’s average rent fell $.03 to $47.56 per square foot, from $47.59 in November, compared to $52.22 per square foot in December 2006.

Midtown’s vacancy rate increased to 6.8 percent from 6.7 percent in November, and 6.5 percent at the end of last year. The average asking rent in Midtown dropped to $79.64 per square foot, from $79.91 per square foot in November, compared to $64.04 per square foot in December 2006.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
South Korean President Moon Jae-in says housing failures are his biggest regret
South Korean President Moon Jae-in says housing failures are his biggest regret
South Korean President Moon Jae-in says housing failures are his biggest regret
48 East 81st Street
5 enviable abodes on the Upper East Side
5 enviable abodes on the Upper East Side
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Chetrit’s Queens industrial loft signs warehouse startup for 90K sf
Chetrit’s Queens industrial loft signs warehouse startup for 90K sf
Chetrit’s Queens industrial loft signs warehouse startup for 90K sf
arrow_forward_ios

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

Loading...