Downtown office vacancies up

By James Kelly | April 10, 2008 04:04PM

Downtown showed the greatest increase in vacancy rate of any Manhattan sub-market over last month, jumping to 6.7 percent in March from 5.7 percent in February, according to a monthly report from brokerage CB Richard Ellis. The average asking rent there also increased, creeping up to $49.00 per square foot, from $48.91 per square foot.

Leasing activity in Downtown remained flat at 160,000 square feet in both months.

Midtown showed the greatest increase in asking rent, jumping to $85.61 per square foot from $84.27 in February. Midtown’s vacancy rate remained flat at 4.7 percent from February. Leasing activity was up to 1.13 million square feet, from 1.02 million square feet the previous month.

Leasing activity in Midtown South increased 77 percent to 230,000 square feet in March, up from 130,000 square feet the previous month. The market’s vacancy rate rose incrementally to 6.6 percent, from 6.5 percent in February.

The average asking rent there also increased, up to $53.15 per square foot from $52.94.
 


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