The office market did not do as well in April, with availability rates rising 0.5% from March to one-year highs in Midtown (5.5%) and Downtown (5.6%). The rate hit 7.8% in Midtown South, the highest in four years. The silver lining is that availability rates are low by historic standards, and although asking rents have dipped of late, they are still up by more than 20% from a year ago.
In March and April, Manhattan's hotel occupancy rate averaged 78%, a slippage of 10% from mid-year 2000, and the average room rate slipped 2.5%, the steepest drop since 1993. High-priced hotels suffered sharper drops in these averages than less-expensive establishments.
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