NEW YORK CITY—The JLL October 2017 office report sets forth that the asking rents for Midtown trophy offices have still not reached pre-recession peak levels. The Colliers International October 2017 market snapshot report also states Midtown's average rent remains 11.5% below the third-quarter 2008 high of $92.04.

Colliers reports that compared to October 2016, Midtown leasing was down by 36.66%. October 2017 leasing in Midtown decreased by 10.9% to .89 million square feet, the second consecutive month with less than one million square feet of deals. But the Colliers report says despite the drop-off in demand, availability declined with October being Midtown's tightest monthly available rate since February 2016.

Colliers reports the average monthly asking rent in Midtown decreased by 1.6% to $80.19 per square foot. Cushman & Wakefield reports the Q3 2017 asking rent for class A office space in Midtown was $84.20 per square foot, and for overall office property in Midtown the asking rent was $77.67 per square foot. Q3 2016 asking rent for overall office property in Midtown was $79.91, according to Cushman & Wakefield.