Manhattan office vacancies up slightly

TRD New York /
Jun.June 30, 2008 04:38 PM

 
Office vacancies continued to creep up for all building classes in Manhattan from the previous month, according to a monthly report from the brokerage Colliers ABR. 

The average vacancy increased 20 basis points to 8.2 percent in Midtown from May to June. The figure also increased 20 basis points to 8.6 percent in Downtown.

Meanwhile, Midtown South saw a smaller increase of 10 basis points, to 10.0 percent in June.

Asking rents began coming down in Midtown this month, according to the report. The average rent there fell to $80.65 per square foot, from $81.40 per square foot in May.

The average asking rent was up 25 cents to $49.35 per square foot in Midtown South and up 14 cents to $51.24 per square foot in Downtown.

For the second quarter, average asking rent was down in all markets, according to a quarterly report from Studley. The average asking rent fell 2.2 percent to $77.10 per square foot in Midtown between the end of March and the end of June, that report said. It also said that Downtown’s average asking rent fell .2 percent to $50.81 per square foot over the same period.


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