NEW YORK CITY-In the past year, average asking rents for class A space have gone from $55.29 per sf to $58.34, according to Grubb & Ellis. In the third quarter, the average asking rent was $57.52.

In Midtown, where the vacancy rate at the fourth quarter in 2004 stood at 9.3%, it’s now 6.6%. Asking rent for class A space in the fourth quarter was $64.68, as compared to $63.76 in the third quarter. For the fourth quarter of 2004, average asking rent was $59.78. Total absorption at the end of 2004 was 4.1 million; at the end of 2005, absorption was 5.7 million.

For Midtown South, class A average asking rent in the fourth quarter was $40.64. That represents an increase from $38.33 in the third quarter and $34.13 in the fourth quarter of 2004. Total absorption in 2005 was 2.7 million sf, as compared to 958,750 sf in 2004. The average asking rent for class A space in Lower Manhattan was $36.59 per sf in the fourth quarter of 2005. That represents an increase from $35.64 in the third quarter, but a slight decrease from $36.76 for the fourth quarter of 2004. However, the area has experienced absorption of 940,768 sf in 2005, as opposed to negative absorption of approximately 1.3 million sf in 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.