Office vacancy rate flat

The vacancy rate for Class A space fell slightly to 5.7 percent from 5.8 percent in February after increasing for two straight months, according to a market report by brokerage Colliers ABR. But the report said the vacancy rate would have continued increasing if not for the United Nations leasing 460,000 square feet at 380 Madison Avenue, as reported by The Real Deal. The average asking rents for Manhattan’s Class A office space increased by 1.4 percent from February to $87.38 per square foot, the report said. Manhattan’s overall asking rent increased slightly over the month, from $65.26 to $65.38. Downtown’s Class A vacancy rate held steady at 4.4 percent after a 50 basis-point increase the previous month. Midtown South’s vacancy rate jumped to 10.2 percent, up 10 basis points for the month. TRD