NEW YORK CITY—The Manhattan commercial office market is a mixed bag with leasing activity down for the first five months of this year, while average asking rents are higher as is the borough-wide vacancy rate.
Colliers International reports that from January through May, 14.63 million square feet of office space was leased as compared to 15.45 million square feet during the same period in 2016. For the month of May 2017, 2.28 million square feet was leased in Manhattan, down from 3.13 million leased the month previous and the 2.89 million leased in May 2016.
The Manhattan office availability rate has remained steady at 10.3% for both April 2017 and May 2017, up slightly from the 10.0% rate registered in May 2016. On the positive side of the ledger, Colliers statistics show that the average asking rent continues to rise in Manhattan, increasing from $73.03-a-square-foot in May 2016 to $73.34-a-square-foot at the end of April of this year to $73.64 a square-foot at the end of May 2017.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
