Manhattan Class A market continent’s strongest
The Class A Manhattan commercial market is the strongest in North America, according to a report released Wednesday by Colliers ABR. Of the continent’s 14 major markets, Manhattan’s is the only one with a Class A vacancy rate below 10 percent and an average asking rent of more than $50 a square foot. Washington, DC, comes in second on both counts. The Colliers ABR figures come from August and show a general decline in overall vacancy rates for commercial space in Midtown, Midtown South and Downtown. The average Class A asking rent in Manhattan for August was $52.33 a square foot, up from $51.65 in July and its highest since February 2002, when it reached $52.67.