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New York

Midtown South, Downtown office markets finished year strong

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.

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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.