The Real Deal New York

Manhattan available office space highest in five years, Cushman & Wakefield says

By Adam Pincus | July 14, 2009 08:59AM

Available office space rose to 41.2 million square feet, the highest
level in the past four and a half years, according to the
second-quarter report released today by full-service commercial real
estate firm Cushman & Wakefield. The availability rate reached 11.5 percent, up from 10.5 percent at the end of first-quarter 2009. Asking rents also showed weakness. They fell in Manhattan, dropping 7.4 percent to $60.23 per square foot from $65.01 per foot in the first quarter of the year. “Things are better than they were last quarter,” said Joseph Harbert, chief operating officer at Cushman & Wakefield, this morning during a presentation of the data. The market showed improvement in June, with 1.7 million square feet leased in Manhattan, up from 805,000 square feet leased in May.

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