CBRE Group, Inc. Q3 2014 Manhattan office marketview

CBRE, Group, Inc., released its Manhattan Office MarketView for the third quarter 2014. CBRE Third Quarter 2014 Office MarketView Highlights: Midtown - Leasing activity totaled 4.01 million s/f during the quarter, 4% higher than the five-year quarterly average of 3.87 million s/f Net absorption was 1.01 million s/f, compared to 827,000 s/f during the second quarter. Midtown's availability rate improved to 11.1%, compared to 11.5% during Q2 2014 and 12.3% during Q3 2013. The sublease availability rate finished at 2.1%, down from 2.4% one year ago. The average asking rent in Midtown increased 6% year-over-year, on par with last quarter's. Midtown South - On par with Q2 2014's total—the highest quarterly total since Q4 2001—Midtown South's leasing activity totaled 1.75 million s/f The quarterly leasing total was 43% higher than the five-year quarterly average of 1.23 million s/f The net absorption total for the quarter reached positive 540,000 s/f and the year-to-date total moved into positive territory, at 510,000 s/f Midtown South's availability rate was 9.4% at the end of Q2 2014, compared to 9.9% one year ago. The sublease availability rate finished at 1.9%, compared to 2.0% one year ago. The average asking rent reached $66.58 per s/f, a slight decrease from the record high of $66.86 recorded during Q2 2014. Downtown - Leasing activity was 31% higher than the five-year quarterly average of 1.25 million s/f Year-to-date leasing totaled 5.15 million s/f, 29% higher than the total at the same point in 2013. A total of 920,000 s/f of absorption was measured, keeping year-to-date net absorption in positive territory. The availability rate improved to 11.7% during the quarter, down from 12.7% in the previous quarter and 14.5% one year ago. The average asking rent finished at $50.78 per s/f, a record-high quarterly total.