Midtown: Absorption was negative for the month, with 830,000 sf of net space coming to market, half of it concentrated in the Grand Central, Sixth Avenue/Rockefeller Center and Times Square submarkets. The availability rate rose from 4.2% a year ago to 5.5% now while average asking rents held at $60.78 per sf, up 15% from April 2000.

Downtown: Approximately 360,000 sf were leased in April, more than double that of the month before, with 58% of it in the Financial District. Absorption was negative with the return of 40,000 sf at 1 Liberty Plaza by Metiom, and 17,100 at 22 Cortland St., given up by Abbeville Press. The area's availability rate increased 0.5% to 5.6%, below the 6.3% of a year ago, and average asking rents slipped only 29 cents to $44.32 per sf, up 23% from 2000.

Midtown South: In April 2000, 410,000 sf of office space was leased, the same as last month, much of it in the Flatiron and Park Avenue South/Madison Square submarkets, but absorption was negative with new space returned at 150 Fifth Ave. and 11 Penn Plaza. The availability rate was not affected, however, rising 0.5% to 7.8% although average asking rent slipped a bit to $47.10 per sf, 18% above what they were last year at this time.