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Price of Manhattan office space drops to $31.46.

Price of Manhattan office space drops to $31.46

The volume of available Manhattan office space continued to shrink in October as did average prices, which dipped to $31.46 a square foot, a drop of .77 percent over the September 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 November Index revealed that: *Over 54.7 million square feet of space (16.04 percent of the total marketplace) is now available for either direct lease or sublease, a decrease of 1.03 percent over the previous month's figure. *October average asking prices ranged from a high of $42.44 in the Plaza district (down .43 percent) to a low of $16.72 (unchanged) in the Soho/Lower Broadway district *The Grand Central, Midtown West, Wall Street and Midtown district all showed price decreases of 1.52 percent, .82 percent, .06 percent, and 4.45 percent while the Empire State and Midtown districts boasted gains of .11 percent and .21 percent respectively *Overall vacancy rates (both Class A and B space) dropped in six of the eight office districts during the month, with the Plaza (down 4.04 percent) and Midtown (down 1.97 percent) areas showing the biggest percentage decreases. Vacancy levels rose by 2.62 percent in the Soho/Lower Broadway district and by .14 percent in the Wall Street area *The Midtown district continues to have by far the most space available (30,689,809 square feet), followed by the Wall Street area (19,427,233), Midtown West (10,479,411), Grand Central (9,193,230), the Plaza district (6,810,227), Empire State district (4,206,941), Midtown South (3,478,621) and Soho/Broadway (1,104,522)

*Along the most fashionable Midtown avenues, average asking prices in October ranged from a high of $45.07 a foot on Park (13.46 percent vacancy) to $29.06 a foot (27.39 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $39.02 and $38.01 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
Article Type:Brief Article
Date:Nov 20, 1991
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