Pricing remained high in Manhattan, falling a slight $0.03 to $64.36 per sf in September. However, this represented a significant $14.33-per-sf rise from September 2006, underscoring the limited supply of high-quality office space and the lack of major new constructions projects over the past decade.
In Midtown, the availability rate was 7.1% in September--unchanged from the prior month. Midtown South's availability rate rose 0.1 point to 8.3% while Downtown's availability declined to 8.7%, a 0.1-point drop from August. Midtown South experienced the most significant increase in average asking rent in September, rising $1.12 to $48.54 per sf. Pricing in Midtown rose $0.61 to $81.95 per sf, while Downtown fell $0.39 to $45.98 per sf.
Overall leasing in Manhattan totaled 1.1 million sf in September, bringing year-to-date activity to 17 million sf. Midtown led the market with 720,000 sf of leasing while Midtown South totaled 220,000 sf of activity. Downtown recorded 180,000 sf of leasing.
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