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Office Highlights

United States | New York, NY

Report | New York Office Highlights - Q1 2011

Summary

Midtown
To counter healthy leasing activity, large blocks of space came to the market. Asking rates are expected to rise marginally during the first half of the year, before growing more steadily during the latter part of 2011.

Midtown South
The strongest of the major markets – at least in terms of occupancy – Midtown South’s overall vacancy rate moved from 9.1 percent at year-end to 8.4 percent at the end of the first quarter.

Downtown
Class A rates were nearly stationary at $41.77 per square foot. Average asking rents are not expected to change dramatically during the year as more space may come onto the market.

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