Office Space Continues to Tighten

Cassidy Turley's monthly Manhattan office market report sees strength. 

The December report says that the market "continued to gain momentum," with the availability rate dropping in the month one-tenth of one percent, with space demands exceeding returns, "despite four blocks of available space greater than 100,000 square feet added
to the market."  (The added space refers in part to the opening of Four World Trade Center.)

The report provides office data on availability in 17 subdistricts in midtown, midtown south, and downtown. It also includes rent rates, which for Class A properties had their fourth consecutive monthly gain, to $71.26, up 19 cents per square foot. Overall, the average asking price is $64.66.

The overall leasing numbers:  There is 256,300,491 square feet of Manhattan office inventory, and 27,693,924 now available. 

Cassidy Turley has not yet posted the December report on its website at this writing, but it can be found here, and was reported by the Washington, D.C.-based Bisnow Morning Brief newsletter.

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