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Price of Manhattan office space holding.

Price of Manhattan office space holding

The volume of available Manhattan office space dipped in August while average prices held at around $33.32 a square foot, about the same as the July 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 September Index revealed that: *Over 55.47 million square feet of space (16.39 percent of the total marketplace) is now available for either direct lease of sublease, a decrease of .5 percent over the previous month's figure *August average asking prices ranged from a high of $44.14 in the Plaza district (down .06 percent) to a low of $16.91 (up 1.32 percent) in the Soho/Lower Broadway district *The Midtown South, Grand Central, Empire State, and Midtown district all showed price decreases of .22 percent .48 percent, .26 percent and .08 percent while modest increases were recorded in the Wall Street (.01 percent) and Midtown West (.02 percent) districts. *Overall vacancy rates (both Class A and B space) dropped of the eight office districts during the month, with the Soho/Lower Broadway (up 2.52 percent) and Midtown West (up 1.35 percent) areas showing the biggest percentage decreases. Vacancy levels rose by 1.05 percent in the Plaza district. *The Midtown area continues to have by far the most space available (32,116,179 square feet), followed by the Wall Street district (19,067,579), Midtown West (10,798,212), Grand Central (9,313,432), the Plaza district (7,862,329), Empire State district (4,142,206), Midtown South (3,488,626), and Soho/Broadway (1,071,022) *Along the most fashionable Midtown avenues, average asking prices in August ranged from a high of $45.18 a foot on a Park (14.06% vacancy) to $28.46 a foot (17.42% vacancy) on Seventh Avenue. Prices on Fifth and Madison Avenues averaged $39.44 and $43.69 a foot respectively.

The NYC Office Space Index is prepared under the direction of Newmark Real Estate Services president Barry Gosin. Information about the report is available by contacting the company's midtown headquarters at 477 Madison Avenue.
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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
Date:Sep 25, 1991
Words:401
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