Office vacancy down, rents up

The Manhattan office market continued to be hot last month, according to a report from commercial brokerage Colliers ABR. Class A vacancy went from 6.2 percent in January to 6.1 percent in February, and average asking rents hit a record high of $71.06. Average asking rents have increased 34 percent over the past year. The Class B market also performed well last month, with vacancy dropping from 9.7 percent to 9.4 percent. TRD