NEW YORK CITY—Although leasing volume in July was the lowest since October of last year, Cushman & Wakefield says the 1.5 million square feet leased last month still indicates Manhattan's office market is in fine shape.
The brokerage firm in its Marketbeat Office Snapshot for July, reports the overall asking rent in Manhattan increased 4% year-over-year, setting a new record of $73.27-per-square-foot. Asking rents in 17 of the 19 Manhattan submarkets increased in July as compared to a year earlier.
The report, authored by Richard Persichetti, regional research director tri-state and Northeast for Cushman & Wakefield, notes that Midtown asking rents rose to $79.31-per-square-foot—the highest level posted since December 2008. Other positives concerning asking rents in Manhattan include Midtown South, where asking rents climbed from $67.26-per-square-foot in July 2015 to $68.85-per-square-foot last month. Downtown asking rents in July were the highest in five months at $59.34-per-square-foot and were 2.7% more than a year earlier.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
