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Average asking price dips for Manhattan office space.

Average asking price dips for Manhattan office space

The volume of available Manhattan office space continued to rise in June while average asking prices fell to $32.47 a square foot, a 1.71 percent drop over the May 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 eight largest office districts, the July Index revealed that:

*Over 56.16 million square feet of space (16.39 percent of the total marketplace) is now available for either direct lease or sublease, an increase of .61 percent over the previous month's figure.

June average asking prices ranged from a high of $44.60 in the Plaza district (down .41 percent) to a low of $16.05 (up .25 percent) in the Soho/Lower Broadway district.

*The Midtown West, Wall Street, Grand Central, Empire State, and Midtown district all showed price decreases of 1.87 percent, 1.42 percent, 2.02 percent, 2.52 percent and 2.11 percent respectively, while an increase was recorded only in the Midtown South (.11 percent) district.

*Overall vacancy rates (both Class A and B space) rose in three of the eight office districts during the month, with the Wall Street (up 2.89 percent) and Midtown South (up 1.53 percent) areas showing the biggest percentage increases. Vacancy levels dipped by 2.62 percent in the Plaza district and by 2.53 percent in the Soho/Lower Broadway district.

* The Wall Street area continues to have by far the most space available (18,636,480 square feet), followed by Midtown West (11,429,6593, the Plaza district (7,876,655), Grand Central (7,670,458), Empire State district (4,137,641), Midtown South (3,484,984) and Soho/ Broadway (1,219,692).

*Along the most fashionable Midtown avenues, average asking prices in June ranged from a high of $46.10 a foot on Park (14.48 percent vacancy) to $29.01 a foot (29.74 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $40.06 and $43.31 a foot respectively.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jul 24, 1991
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