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Colliers ABR Report Shows Tighter Market

NEW YORK CITY-Commercial property in Manhattan continued its constriction according to market research released by Colliers ABR.

By Tom Sosnowski | Updated on August 11, 2006

NEW YORK CITY-The class A Manhattan vacancy rate held steady in July at 7.1%, though the average asking rent increased 2.7% to $58.59 per sf, according to a report published by Colliers ABR. Year to date, the average asking rents have risen 15.7%. Colliers ABR says to expect continued rising prices throughout the rest of the year.

Class B buildings also saw increased interest as the Manhattan vacancy rate dropped to 10.8%, the lowest since early 2001. Midtown led the drop in vacancy, seeing rates fall from 10.6% in June to 9.8% in July. The average Manhattan class B rent closed July up 6.3%, reaching $37.99 per sf from $35.75 per sf at the start of the year.

By City submarket, Midtown class A vacancy dropped to 6.0% in July from 6.2% in June, while average asking rents increased 3.6% to $69.24 per sf from $66.85 per sf over the same period. It should be noted the Times Square market was the only submarket of the six to show an increase in vacancy as 220,000 sf of space was added to the market at 1540 Broadway.

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