Midtown Class A office vacancy drops to 11 percent in November

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
707 Broad Street and 153 Halsey Street with Managing Partner of Hanini Group Samer Hanini, SHIFT Capital’s CEO Brian Murray, and principal investor at CoInvestment Partners Piyush Bhardwaj. (Google Maps, LinkedIn)
Development trio wagers $150M on Newark’s struggling office market
Development trio wagers $150M on Newark’s struggling office market
Building Engines CEO Tim Curran and JLL CEO Christian Ulbrich (Building Engines, Getty)
JLL buys Building Engines for $300M
JLL buys Building Engines for $300M
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
511 Barry Street and CenterPoint Properties CEO Bob Chapman (CBRE, GI Partners)
CenterPoint buys second warehouse in Hunts Point
CenterPoint buys second warehouse in Hunts Point
JLL CEO Christian Ulbrich and JLL Income Property Trust CEO C. Allan Swaringen (JLL, iStock)
JLL arm buys $560M stake in single-family rental portfolio
JLL arm buys $560M stake in single-family rental portfolio
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
1325 Sixth Avenue and 10 Jay Street (Paramount Group, ODA)
Manhattan’s sublease glut may be coming to an end
Manhattan’s sublease glut may be coming to an end
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
arrow_forward_ios

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

Loading...