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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
