While the East Side finished 2014 with Midtown’s lowest availability rate | The Real Deal New York

The Real Deal New York

While the East Side finished 2014 with Midtown’s lowest availability rate

January 15, 2015 08:52AM

4Q-2014-CBRE-Office-FrontWhile the East Side finished 2014 with Midtown’s lowest availability rate, 7.4 percent, it was the one sub market that actually saw asking rents decline, according to a presentation Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region and vice-chairman Peter Turchin gave this morning at CBRE’s headquarters at 200 Park Ave South.

Asking rents dropped $0.87 to $61.74 per square foot year-over-year while prices in Hudson Square, an area Turchin said was traditionally the “lowest hanging of the fruit in the Midtown South market,” climbed $13.37 to $71.45 per square foot during the same period.


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