NEW YORK CITY—Following a 1.4 percentage-point decline in thefirst quarter, Manhattan's Class A office availability rate roseslightly from 13.3% to 13.4%, according to SavillsStudley.
The firm in its second quarter New York City office reportstates that Downtown's Class A rate fell from 19.0% to 18.6%.Midtown's office vacancy rate rose to 12.2% in the second quarter,while Midtown South's rate increased to 9.0%.
Overall asking rents rose by 6.7% overall, increasing by 7.8% to$76.54 in Class A properties. Class A asking rents jumped by 8.1%to $84.81 in Midtown, their highest mark since early 2009, asseveral larger spaces priced above $100-per-square-foot were added,Savills Studley states.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
