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New York

Office rents remain weak in February

Average asking rents in Manhattan office buildings continued their slide in February despite stability in the vacancy rate for some markets, a monthly report released this week by real estate services firm Colliers ABR shows.

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Landlords were asking an average of $56.57 per square foot in Manhattan offices in February, a 4.6 percent drop from the prior month and a 13 percent decline from the average rent a year ago in February, the report says. The vacancy rate for Manhattan was 11.6 percent, up from 11.3 percent in January and 7.8 percent a year ago, according to the report.

In Class A buildings in Midtown, the fall was more dramatic. Despite the vacancy rate for those buildings holding steady at 10.2 percent between January and February, the average asking rent fell 5.1 percent last month to $76.54. That was a decline of 19 percent from the average asking rent for Class A Midtown buildings in February 2008 of $94.66, the Colliers report showed. TRD