July 19, 2017
It’s becoming a buyer’s market for office space in Manhattan. The availability rate in Midtown has risen 70 basis points in the past year and is currently 12.6%. At the same time, average rents for office space has held steady — or stagnant — in the $70 range for more than a year, according to a new report from NKF.
The new space opening on the Far West Side of Manhattan has been the driving force in Manhattan leasing. Six of the top deals in the second quarter were in Midtown.
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