NEW YORK CITY-Midtown bounced back in February, and Midtown South stabilized, but the month belonged to Downtown, which kicked into high gear after a slow start to the year, according to a new report from Cassidy Turley.
In Lower Manhattan, the availability rate slipped 60 basis points to 12.7% after the surprising snapping up of two big swaths of space that represented more than a half a million square feet, says Richard Persichetti, VP, research, marketing and consulting. Teach for America signed a 170,000-square-foot lease at 25 Broadway while Revlon will take 90,000 square feet at One New York Plaza.
Class A average asking rents increased $.30-per-square-foot to $55.28-per-square-foot while Class B rents rose $0.58-per-square-foot to $38.30-per-square-foot. Yet, Downtown is still a value play at an average $15 to $25 less per-square-foot than Midtown and Midtown South, he asserts.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
