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Asking office prices inch up in April.

As the volume of available Manhattan office space rose in April, average asking prices nudged upward to $33.30 a square foot, a .23 percent increase over the March figure.

So reports "Newmark's NYC Office Space Index," a monthly update and analysis of the latest trends and conditions in the Manhattan office marketplace prepared by Newmark Real Estate Services, a division of Newmark & Company Real Estate, Inc.

According to the Report, which monitors leasing activity, space availability and asking prices in the city's seven largest office districts, the May Index revealed that:

* Over 55.72 million square feet of space (16.25 percent of the total marketplace) is now available for either direct lease or sublease, an increase of 3.1% over the previous month's figure.

* April average asking prices ranged from a high of $45.29 in the Plaza district (up 2.97 percent) to a low of $15.43 (down .96 percent) in the Soho/Lower Broadway district.

* The Empire State, Wall Street, Midtown West, Midtown South and Grand Central districts all showed price decreases of .56 percent, .66 percent, 1.46 percent, 1.57 percent and 1.14 percent respectively.

* Overall vacancy rates (both Class A and B space) rose in five of the seven office districts during the month, with the Soho (up 13.61 percent) and Plaza (up 11.39 percent) areas showing the biggest percentage increases. Vacancy levels dipped by 5.35 percent in the Empire State district and by 2.11 percent in the Midtown South district.

* The Wall Street area continues to have by far the most space available (18,060,773 square feet) followed by Midtown West (11,800,341), Grand Central (9,674,927), the Plaza district (7,503,853), Empire State district (4,307,597), Midtown South (3,355,692) and Soho/Broadway (1,025,427).

* Along the most fashionable midtown avenues, average asking prices in April ranged from a high of $46.65 a foot on Park (14.75 percent vacancy) to $28.81 a foot (29.69 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $40.50 and $39.13 a foot respectively.
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Publication:Real Estate Weekly
Date:May 22, 1991
Words:359
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