Pricing remained high in Manhattan, falling a slight $0.03 to $64.36 per sf in September. However, this represented a significant $14.33-per-sf rise from September 2006, underscoring the limited supply of high-quality office space and the lack of major new constructions projects over the past decade.
In Midtown, the availability rate was 7.1% in September--unchanged from the prior month. Midtown South's availability rate rose 0.1 point to 8.3% while Downtown's availability declined to 8.7%, a 0.1-point drop from August. Midtown South experienced the most significant increase in average asking rent in September, rising $1.12 to $48.54 per sf. Pricing in Midtown rose $0.61 to $81.95 per sf, while Downtown fell $0.39 to $45.98 per sf.
Overall leasing in Manhattan totaled 1.1 million sf in September, bringing year-to-date activity to 17 million sf. Midtown led the market with 720,000 sf of leasing while Midtown South totaled 220,000 sf of activity. Downtown recorded 180,000 sf of leasing.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
