- Posted at 10:33, November 18, 2013
- By Russ Bleemer
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.