NEW YORK CITY-The Manhattan office market in the first quarter of this year saw its availability rate and asking rents remaining relatively flat as compared to three months earlier.
The office market first quarter numbers released today by Colliers International show Manhattan's availability rate rose to 12.0%, from 11.9% in the fourth quarter of 2012, while the overall vacancy rate reached 6.1%, up from 5.8% in the fourth quarter. The borough's average asking rent fell 0.8% to $55.67 per square foot from $56.13 per square foot at the end of the fourth quarter of 2012.
There was 4.86 million square feet of office space leased in the first quarter as compared to 4.97 million square feet in the fourth quarter of 2012.
“We are encouraged that despite the warning of weak growth in 2013, the latest data show that the national economy is stepping up its pace of activity,” said Joseph Harbert, president of the eastern region for Colliers International. “This bodes well for the key industries in Manhattan and their demand for office space.”
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