NEW YORK CITY-The Manhattan office vacancy rate has dipped below 10% for the first time since March 2009, according to a report from Cushman & Wakefield. For May, a total of 4.3 million square feet in new leases were signed, the highest on record. Year-to-date, over 14 million square feet in Manhattan office leases have been signed.

The May numbers represent an increase of 35.4% compared to the same period a year ago. Class A office space is at a premium, particularly in the Lower Manhattan market. “This has been a very strong month, particularly for the downtown market, which has experienced a significant amount of leasing activity,” Joseph R. Harbert, Cushman & Wakefield’s chief operating officer for the New York Metro Region said in a release announcing the data. “The recent signing of the Cond