Midtown availability highest since 1994.
The outlook was slightly better in Midtown South, where fewer spaces had been repriced and asking rents had fallen only $1.28, to an average of $47.90 per square foot. But asking rents are likely to drop at a quicker pace in the coming months, the report said. Availability in the submarket increased 0.4 percent in March to 13.4 percent.
The availability rate was lower in the Downtown submarket than in the other submarkets, standing at 10.5 percent compared to 8.5 percent at the same time in 2008. Prices Downtown dropped by an average of 5 percent in March, and the area's average asking rent fell $0.47, to $43.17 per square foot. TRD