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Office space price climbs in December.

The volume of available Manhattan office space rose in December as average asking prices climbed to $29.43 a square foot an increase of .47 percent over the November 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 January Index revealed that:

* Over 55.6 million square feet of space (16.38 percent of the total marketplace) is now available for either direct lease or sublease, an increase of .31 percent over the previous month's figure

* December average asking prices ranged from a high of $36.01 in the Plaza district (up. 11 percent) to a low of $15.59 (down 1.14 percent) in the Soho/Lower Broadway district

* The Grand Central, Midtown, and Wall Street areas all showed price increases of 1.61 percent, .11 percent, and 1.11 percent respectively, while prices slipped by .67 percent in the Midtown South district and by 1.22 percent and 1.38 percent in the Empire State and Midtown West districts

* Overall vacancy rates (both Class A and B space) dipped in four of the eight office districts during the month, with the Empire State district (down 3.35 percent) showing the largest percentage decrease. Vacancy levels rose by 4.47 percent in the Grand Central district

* The Midtown district continues to have the most available space (31,177,929 square feet), followed by the Wall Street area (19,545,330), Grand Central (10,535,435), Midtown West (9,563,443), the Plaza district (7,625,897), the Empire State district (3,452,154), Midtown South (3,410,897), and Soho/Broadway (1,511,903)

* Along the most fashionable Midtown avenues, average asking prices in December ranged from a high of $40.04 a foot on Park (15.16 percent vacancy) to $28.12 a foot (22.27 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $34.72 and $33.80 a foot respectively
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Title Annotation:December 1992 prices increase for office space in New York, New York
Publication:Real Estate Weekly
Date:Jan 27, 1993
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