CBRE Group, Inc. releases its second quarter Manhattan Office MarketView

CBRE Group, Inc. (CBRE) has released its Manhattan Office MarketView for the second quarter 2013. CBRE Second Quarter Office MarketView Highlights: Midtown - The market recorded 4.50 million s/f of leasing activity in Q2 2013, which was the market's strongest quarter of leasing since Q2 2011, surpassing the market's five-year quarterly average of 3.49 million s/f by 29%, and the previous quarter's 2.87 million s/f of activity by 57%. Hot Topics: * Three of the top five transactions completed during the quarter were renewals. * Several large-sized availabilities offset the quarter's robust leasing activity, resulting in 160,000 s/f of negative absorption and a 10-basis-point increase in the overall availability rate. * The overall average asking rent inched down during the quarter, but was up 8% year-over-year. Midtown South - The market posted 1.20 million s/f of leasing activity in Q2 2013, up 35% from the previous quarter's 890,000 s/f of leasing, and outperforming the market's five-year quarterly average of 1 million s/f by 20%. Hot Topics: * Year-to-date leasing activity trailed 2012's historically robust level by 18%. * The quarter's three largest transactions were completed by technology companies. * The overall availability rate dropped 70 basis points during the quarter to 10%. * Midtown South's average asking rent rose 6% quarter-over-quarter to $63.44 per s/f Downtown - Downtown logged its ninth consecutive quarter of above-average leasing activity, with Q2 2013's 1.09 million s/f of leasing outpacing the market's five-year quarterly average of 1.03 million s/f by 6%. This was down 20% from Q1 2013's 1.37 million s/f of leasing, but 6% ahead of Q2 2012's 1.03 million s/f of activity. Hot Topics: * Through Q2 2013, year-to-date leasing activity paced 22% ahead of the same six-month period in 2012. * The quarter's 1.57 million s/f of negative net absorption was fueled by the addition of several large availabilities to the market. * The overall availability rate jumped 190 basis points during the quarter to 15.8%. * Downtown's average asking rent was stable during the quarter, ending Q2 2013 at $47.13 per s/f.