Office rents remain weak in February

TRD New York /
Mar.March 06, 2009 11:33 AM

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.

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

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

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Struggling cannabis retailer MedMen dumps REIT stake

Struggling cannabis retailer MedMen dumps REIT stake

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Charles Kushner and 229 West 43rd Street (Credit: Getty Images)

Kushner Cos needs loan workout as Times Square tenants tank

Merchants Hospitality's Abraham Merchant and Adam Hochfelder with the Playboy Club (Credit: Getty Images, Playboy Club NYC)

Merchants scrambles to fill void after breakup with Playboy

A $2.5B litmus test for the Century City luxury market

A $2.5B litmus test for the Century City luxury market

arrow_forward_ios