Manhattan office leasing weakens

TRD New York /
Mar.March 12, 2009 05:12 PM

Nearly all aspects of office leasing in Manhattan continued to head in a negative direction in February, according to data released this week by real estate services firm CB Richard Ellis.

Leasing activity, vacancy rate and average asking rent all pointed to a weaker market last month. One bright spot was in absorption, the measure of the change in the amount of space occupied in the market, which improved in February, the report said.

For all of the Manhattan, leasing activity fell to 910,000 square feet, from 920,000 square feet the month before, the CBRE report said.

The vacancy rate rose .4 points last month to 8.3 percent, and the average asking rent fell by $4.55 to $59.10 per foot in February, the report said.

Although still in negative territory, last month 700,000 square feet was returned to the market, an improvement over January, when 4.19 million square feet — comprised of large blocks of space — was returned. 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

Jumaane Williams (Credit: Getty Images)

Council to vote on bill to curb Mitchell-Lama cheating

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Battle of the boroughs: Tallying the city’s top law firms by real estate sales

Battle of the boroughs: Tallying the city’s top law firms by real estate sales

Renderings of Waldorf Astoria

Inside the Waldorf Astoria’s condo conversion

arrow_forward_ios