Downtown office market rebounds

Lower Manhattan’s office market has almost rebounded to its pre-9/11 state, buoyed by big lease signings, low vacancy rates and the end of a condo conversion trend in the area. There was a 64 percent increase in the amount of office space leased in Lower Manhattan in 2006 over 2005, according to Cushman & Wakefield. Average annual rents, which are running $41.36 a square foot, are just shy of 2000’s average, $43.24. more [NYT]