Manhattan Class A vacancy rate rises: JLL
In a sign that challenges remain for the office leasing market in Manhattan, the vacancy rate for Class A space in all three markets rose in October from the month prior, a new report from commercial services firm Jones Lang LaSalle shows.
The vacancy rate in Class A properties in Midtown rose for the first time all year, according to the report. In addition, the rates were up in Midtown South by .1 point to 9.6 percent and .2 points higher Downtown.
“Midtown’s Class A vacancy rate reversed direction in October, rising for the first time this year,” the report says. It attributed the rise in part to the addition of 300,000 square feet of space to the market at 452 Fifth Avenue at 40th Street.
At the same time, asking rents for the same class of buildings rose by 23 cents per foot to $65.23 per square foot, the data shows. Asking rents in Midtown South rose by 46 cents per foot to $46.67 per square foot, and edged up by 9 cents per foot to $41.41 per square foot in October, JLL reported.