Midtown South, Downtown office markets finished year strong

TRD 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
(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
CoStar CEO Andy Florance (iStock; Getty)

CoStar plots international push with Emporis buy

CoStar plots international push with Emporis buy
Colliers’ Jay Hennick (iStock; Colliers)

Colliers’ profit rebounds

Colliers’ profit rebounds
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
Photo-illustration of Iron Hound Management’s Robert Verrone (Headshot by Studio Scrivo)

Here are the most active players in the loan workouts space

Here are the most active players in the loan workouts space
Jake Fingert, Casey Berman and Jeff Berman (Camber Creek)

Camber Creek closes $155M fund

Camber Creek closes $155M fund
arrow_forward_ios

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

Loading...