NEW YORK CITY—The Manhattan office marketexperienced an exceptionally strong third quarter, according to new researchfrom Colliers International. Leasing activity came in at 8.3 millionsquare feet, 4.2% higher than the eight million square feet lastquarter and 31.3% more than the 6.3 million square feet a year ago.Year-to-date leasing of 28.1 million square feet is a 35% increaseover the 20.8 million square feet from the first nine months of2013.
The overall average asking rent increased to $65.97 per squarefoot, up 2.3% from $64.46 per square foot last quarter and 10%higher than the $59.98 per square foot price reached a yearago.
Midtown recorded 3.3 million square feet of leasing activity,down 17.5% from four million square feet last quarter but betterthan the 3.1 million square feet leased in a year ago. Year-to-dateleasing of 11.9 million square feet is 9.8 % greater than the 10.8million square feet recorded during the first nine months of2013.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
