Office market may now be strongest since 2001
The Manhattan commercial market may be at its strongest in more than four years. That’s at least according to numbers released Monday morning by Colliers ABR that show the overall vacancy rate in Manhattan at its lowest in November – 8.9 percent – since the 8.8 percent of July 2001. The drop comes at the same time that the average asking rent held steady from October at well above $41 a square foot.
The market for Class A space, according to Colliers ABR, exited November particularly strong. The Class A vacancy rate dropped to 7.7 percent in November from 8.2 percent in October and 10.3 percent in November 2004. The average asking rent for Class A space in Manhattan was at $50.55, a slight decline from the $50.72 of October, but well above the $47.95 of November 2004. more