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Posted: November 12, 2013
CBRE Group, Inc. Q3 2013 Manhattan Office Marketview
CBRE released its Manhattan Office MarketView for the third quarter 2013.
CBRE Third Quarter Office MarketView Highlights:
Midtown - Q3 2013's leasing activity was slightly above the market's five-year quarterly average. The FIRE sector accounted for the quarter's top three transactions. During Q3 2013, Midtown's overall average asking rent crossed the $70 threshold for the first time since January 2009.
Midtown South - Q3 2013 leasing activity fell 6% short of the market's five-year quarterly average. Year-to-date leasing activity trailed 2012's robust level by 22%. The overall average asking rent rose $0.77 quarter-over-quarter to a record-high $64.21 per s/f.
Downtown - Downtown posted its best quarter of leasing activity since Q3 2011. The quarter's top four transactions were commitments for new space. Q3 2013's substantial 1.04 million s/f of positive net absorption fueled a 130-basis-point drop in the overall availability rate to 14.5%.
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