Manhattan Class A vacancy rate rises: JLL

New York /
Nov.November 04, 2010 07:00 PM

In a sign that challenges remain for the office leasing market in Manhattan, the vacancy rate for Class A space in all three markets rose in October from the month prior, a new report from commercial services firm Jones Lang LaSalle shows.

The vacancy rate in Class A properties in Midtown rose for the first time all year, according to the report. In addition, the rates were up in Midtown South by .1 point to 9.6 percent and .2 points higher Downtown.

“Midtown’s Class A vacancy rate reversed direction in October, rising for the first time this year,” the report says. It attributed the rise in part to the addition of 300,000 square feet of space to the market at 452 Fifth Avenue at 40th Street.

At the same time, asking rents for the same class of buildings rose by 23 cents per foot to $65.23 per square foot, the data shows. Asking rents in Midtown South rose by 46 cents per foot to $46.67 per square foot, and edged up by 9 cents per foot to $41.41 per square foot in October, JLL reported.
TRD

 

Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
(iStock)
Unprecedented landlord incentives powering U.S. office market recovery
Unprecedented landlord incentives powering U.S. office market recovery
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Google buying London office for $1B
Google buying London office for $1B
Google buying London office for $1B
RXR chief executive Scott Rechler and 5 Times Square (Getty Images, 5timessquare.com)
RXR seeking $1.5B refi for Times Square office tower
RXR seeking $1.5B refi for Times Square office tower
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Noam Ben-Zvi, chief executive officer, Placer.AI (Placer.AI, iStock)
Location data firm Placer.ai hits unicorn status with $100M Series C
Location data firm Placer.ai hits unicorn status with $100M Series C
Mark Zuckerberg (Getty Images, iStock)
Meta postpones office return
Meta postpones office return
arrow_forward_ios

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

Loading...