A research produced by DTZ
Beginning this year on a high-note, the first quarter’s leasing activity surged to 14.4 million square feet. The availability rate dipped and rents continued to rise.
With decreases in both Class A and Class B rates, Manhattan’s overall availability rate (11.6%) remained relatively stable compared to a year ago. All submarkets posted declines in overall availability rates for the quarter.
Manhattan’s overall rent rose by 9.6% from a year ago. Rents continued to post positive growth over the last twelve months in most districts in response to strong leasing activity. Class A rents dropped slightly from last year, but have been rapidly increasing over the last three quarters. Class B rents rose by 12.9% from a year ago, driven primarily by the sharply rising rental rates in Midtown South.
Source : DTZ (Groupe UGL)