Midtown at six straight months of positive net absorption: report

TRD New York /
Apr.April 07, 2010 08:40 AM
Bars are asking rent per foot; line is availability rate. (Source: Newmark Knight Frank)

In a positive sign for landlords, March was the sixth month in a row in which more space was removed from the Midtown office leasing market than was added to it, a new report for the month from commercial services firm Newmark Knight Frank shows (see the full report below).

But for Manhattan overall, the level of space added or removed from the market, known as net absorption, was a negative 140,000 square feet and average asking rents fell, the report says.

Midtown showed positive net absorption of nearly 360,000 square feet in March, and in the first quarter, more than a fifth of the 6.1 million square feet added to the market in 2009 had been absorbed.

But in Midtown South, there was nearly 150,000 square feet of negative absorption last month, and in Downtown more than 350,000 square feet of negative net absorption took place, the report says.

Average asking rents in Midtown fell by 37 cents in March to $42.93 per square foot, after two months of increases, and the availability rate for Manhattan was up .2 point to 13.7 percent, the report indicates. TRD

Newmark Knight Frank March 2010


Related Articles

arrow_forward_ios
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
TSCG and SCG Retail's David Firestein, Meridien Retail Leasing's James Famularo and Newmark Knight Frank's Jeffrey Roseman

How to restart retail on today’s TRD Talk

How to restart retail on today’s TRD Talk
“Be very careful what you ask for,” top broker warns borrowers seeking relief

“Be very careful what you ask for,” top broker warns borrowers seeking relief

“Be very careful what you ask for,” top broker warns borrowers seeking relief
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Brokerage stocks plunge amid market turmoil
125 Park Avenue (Credit: Google Maps, iStock)

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus
Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

Coronavirus exodus: CRE bigwigs ditch MIPIM
arrow_forward_ios

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

Loading...