Office asking rents up

The average asking rent for office space in Manhattan continued to rise in January, despite increases in the vacancy rate compared to the prior month, according to a Colliers ABR report.
 
The average asking rent of Class A space in Manhattan saw a $.23 increase, to $85.92 per square foot in January, up from $85.69 per square foot the month before. The vacancy rate was up to 5.6 percent from 5.3 percent over the same interval, the report said.
 
Overall office vacancy in Manhattan rose to 7.6 percent in January from 7.3 percent in December, according to Colliers. The average asking rent across all classes and submarkets remained about level, increasing just three cents to $64.67 per square foot in January.
 
The average asking rent for all classes of space in Midtown South jumped 61 cents to $48.32 per square foot in January. This price increase also occurred simultaneously with an increase in vacancy rate, to 9.5 percent from 9.3 percent the month before. TRD