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Manhattan office prices inch up in July.

The volume of available Manhattan office space rose in July while average prices climbed to $30.13 a square foot, a modest increase of .20 percent over the June figure.

So reports Newmark' 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 August Index revealed that:

* Over 57.4 million square feet of space (16.90 percent of the total marketplace) is now available for either direct lease or sublease, an increase of 1.15 percent over the previous month's figure

* July average asking prices ranged from a high of $37.89 in the Plaza district (down 1.13 percent) to a low of $15.53 in the Soho/Lower Broadway district

* The Grand Central, Midtown, Midtown South, Soho, and Empire State districts all showed price decreases of .58 percent, .33 percent, .36 percent, 2.13 percent and .06 percent respectively while asking rentals rose in both the Wall Street district (.08 percent) and in the Nidtown West area (.33 percent)

* Overall vacancy rates (both Class A and B space) dipped in five of the eight office districts during the month, with the Soho (down 9.48 percent) and Midtown South (down 2.84 percent) areas showing the biggest percentage decreases. Vacancy levels rose by 11.8 percent in the Midtown West district and by .49 percent in Midtown.

* The Midtown district continues to have by far the most space available (31,889,180 square feet), followed by the Wall Street area (20,364,681), Midtown West (10,386,596), Grand Central (9,814,736), the Plaza district (8,008,837), Empire State district (3,679,011), Midtown South (3,591,942), and Soho/Broadway (1,582,603)

* Along the most fashionable midtown avenues, average asking prices in July ranged from a high of $43.12 a foot on Park (14.72 percent vacancy) to $28.32 a foot (21.58 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $35.93 and $35.37 a foot respectively.
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Title Annotation:New York, New York office space and rent report for July 1992
Publication:Real Estate Weekly
Date:Sep 2, 1992
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