The overall availability rate hit 5.9% in February, up 0.4% from January. Even so, the February rate is a full percentage point below what it was a year ago. The availability rate in Midtown South is 7%, Midtown and Downtown turned in rates of 5.6% and 5.5%, respectively.

The average asking rent came in at $56.60 per sf, the first monthly aggregate decline in rent Grubb & Ellis has documented since 1996. In Midtown, space is being leased for $62.20 per sf compared to Midtown South where it is going for $45.59 per sf and to Downtown where deals are being struck for $46.18 per sf. So far, there haven't been widespread, dramatic reductions in asking rents although owners are offering more generous concession packages, according to Grubb & Ellis.