How Available is NYC Office Space?

Overstocked with office space?  Not yet.

Not according to Washington, D.C., real estate research firm Cassidy Turley, which says that a survey of Manhattan commercial leasing fond demand still beating open space listing.  The company's availability rate" dropped 10 basis points, it said, to 11.1%, while October asking rent soared 85 cents per square foot to $64.41.

GlobeSt.com has the details on the report, which doesn't yet appear on the Cassidy Turley website yet.  It details some examples:

  • The 285 Madison Ave. listing of 456,000 square feet of space, from RFR Realty, "pushed the availability rate for the Grand Central submarket back up to 15.5%, the highest of all the Midtown submarkets."
  • "The west side of Midtown continues to outperform the rest of Manhattan, as both the Midtown West/Columbus Circle and Times Square submarkets’ availability rate are the lowest at 6.2%.
  • Availability dropped for the fourth consecutive month downtown, to 13.1%.

More at the link above.

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