NEW YORK CITY—Hudson Square remains one of the city’s busiest neighborhoods after leasing more than 550,000 square feet of office space in 2015, according to a new year-end commercial market report, released Wednesday by the Hudson Square Connection. While building renovations at One Soho Square nearly pushed the overall vacancy rate up to 7.4% last year, the remainder of the commercial office portfolio closed with a 4% vacancy rate.

As office space availability remained low, rents continued to rise in Hudson Square during 2015. Premium spaces called for asking prices in the mid $80s per square foot. The fourth quarter average asking rent closed at nearly $68 per square foot, compared to $66 in Midtown South and $60 for all of Manhattan.

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