Midtown availability highest since 1994

New York /
Apr.April 13, 2009 04:08 PM

The availability of office space for lease in Midtown is
14.2 percent, the highest it has been since July 1994, according to the April market
report from CB Richard Ellis. The average asking March rent has dropped 23
percent year-over-year, to $65.59 per square foot from $85.61 per
square foot. Most space in Midtown has been repriced
to meet new market norms, with prices dropping an average of 11 percent
in March from February. Leasing activity has also dropped to less than half of
the five-year monthly average of 1.36 million square feet, according to
the report. 

The outlook was slightly better in Midtown South, where fewer spaces had been repriced and asking rents had fallen only $1.28, to an average of $47.90 per square foot. But asking rents are likely to drop at a quicker pace in the coming months, the report said. Availability in the submarket increased 0.4 percent in March to 13.4 percent.

The availability rate was lower in the Downtown submarket than in the other submarkets, standing at 10.5 percent compared to 8.5 percent at the same time in 2008. Prices Downtown dropped by an average of 5 percent in March, and the area’s average asking rent fell $0.47, to $43.17 per square foot. TRD


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(DOB)
City hit with lawsuit over Black workers’ treatment at Dept. of Buildings
City hit with lawsuit over Black workers’ treatment at Dept. of Buildings
Mustang, Texas is now owned by billionaire Mark Cuban. (J Elmer Turner Realtors, Inc.)
Mark Cuban buys a Mustang (well, a town called Mustang) in Texas
Mark Cuban buys a Mustang (well, a town called Mustang) in Texas
The Georgetown house once owned by Julia Child (Zillow)
Georgetown home where Julia Child lived hits market for $3.5 million
Georgetown home where Julia Child lived hits market for $3.5 million
Austin, Texas (Credit: iStock)
Austin’s mansion market is booming
Austin’s mansion market is booming
Rendering of Inspire Entertainment Resort (Mohegan Gaming & Entertainment)
Mohegan Gaming completes financing for first phase of South Korea project
Mohegan Gaming completes financing for first phase of South Korea project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...