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Manhattan office space drops to $33.88 psf.

Manhattan office space drops to $33.88 psf

The volume of available Manhattan office space continued to rise in July while average prices fell to $33.88 a square foot, a .46 percent drop over the June 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 August Index revealed that: *Over 88.25 million square feet of space (16.40 percent of the total marketplace) is now available for either direct lease or sublease, an increase of .07 percent over the previous month's figure. *July average asking prices ranged from a high of $45.49 in the Plaza district (down .96 percent) to a low of $16.69 (up 3.99 percent) in the Soho/Lower Broadway district. *The Midtown West, Midtown South, Grand Central, Empire State, and Midtown district all showed price decreases of 1.72 percent, .25 percent, 1.28 percent, .56 percent and .51 percent respectively, while an increase was recorded only in the Wall Street (1.51 percent) district. *Overall vacancy rates (both Class A and B space) rose in five of the eight office districts during the month, with the Wall Street (up 2.78 percent) and Midtown South (up 1.47 percent) areas showing the biggest percentage increases. Vacancy levels dipped by 9.92 percent in the Soho district and 3.94 percent in the Midtown West district. * The Midtown area continues to have by far the most space available (32,228,729 square feet), followed by the Wall Street district (19,154,204), Midtown West (10,945,716), the Plaza district (7,780,738), Grand Central (9,314,021), Empire State district (4,181,204), Midtown South (3,546,879) and Soho/Broadway (1,098,702). * Along the most fashionable midtown avenues, average asking prices in July ranged from a high of $45.46 a foot on Park (13.72 percent vacancy) to $28.46 a foot (17.42 percent vacancy) on Seventh Avenue. Prices on Fifth and Madison Avenues averaged $39.84 and $43.40 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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Title Annotation:per square foot
Publication:Real Estate Weekly
Date:Aug 28, 1991
Previous Article:What's NYC doing to keep biz?
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