Midtown South pushes Manhattan vacancy rate down

Overall vacancy rates in Manhattan declined in November to 12.3 percent, from 12.4 percent in October, according to a monthly market report released today by Cassidy Turley. The decrease was thanks largely in part to a number of smaller transactions in the Midtown South market, which saw strength across most of its submarkets, with vacancy rates falling to 12.2 percent from 12.8 percent. The reports also shows that the average asking rent in Manhattan saw a small boost last month, rising to $47.57 per square foot, from $47.23 in October. TRD

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