Midtown Class A office vacancy drops to 11 percent in November

TRD New York /
Dec.December 12, 2011 12:13 PM

In Midtown Manhattan, Class A office vacancy decreased in November to 11.1 percent, its lowest level since 2008, according to a monthly Manhattan office report from commercial brokerage Jones Lang LaSalle, released today. But despite the decline in vacancy rates, momentum seems to have generally slowed since the first half of the year, the report shows; Class A average asking rents increased marginally for the month to $70.36 per square foot from $70.28 per square foot a month earlier.

In Midtown South however, Class A vacancy rose to 6.3 percent from 4.6 percent last month largely due to the addition of a large block of space at 101 Sixth Avenue at Hudson Square. Asking rents for the area also spiked, jumping from $47.07 to $58.97 per square foot. A handful of buildings even posted rates greater than $65.00 per square foot.

Downtown, the vacancy rate remained under the 10 percent threshold, finishing at 9.9 percent. Class A vacancy remained flat at 8.7 percent, while Class B increased to 11.9 percent from 11.5 percent, mostly due to an unspecified large block of space coming on the market in the Financial District. Class A rents climbed to $42.31 per square foot from $41.65 per square foot a month earlier. — Katherine Clarke


Related Articles

arrow_forward_ios
Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers

JLL CEO Christian Ulbrich (Credit: iStock)

JLL revenue skyrockets after HFF merger

WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork is investing again with fundraise for proptech

arrow_forward_ios
Loading...