NEW YORK CITY—Newmark Grubb Knight Frankreports that Manhattan's office availability rate fell to 11.3% atthe end of the first quarter, the lowest rate since the fourthquarter of 2008 when the rate stood at 11.2%.


The Manhattan office availability rate was 12.2% at the end ofthe fourth quarter of 2013. Direct availability, which had stayedat around 44 million square feet for four years, fell by 2.7million square feet in the first quarter.


The brokerage firm in its First Quarter Manhattan Office Marketreport states that the average asking rent in Manhattan was flat ascompared to three months ago, standing at $62.46 per-square-foot. Ayear ago, the average asking rent in Manhattan was $59.55per-square-foot.


Overall, increases in asking rents in Midtown ($73.26per-square-foot) and Downtown ($50.55 per-square-foot) were offsetby lower rents in Midtown South that declined to $56.31per-square-foot.


Newmark Grubb Knight Frank states that it expects similarfundamentals in the second quarter, although the inclusion of 1World Trade Center could skew availability.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.