The Manhattan office market saw a 26 percent drop in leasing activity in just one month, according to a recent CBRE report.
And while average asking rents rose by $0.39 to $54.95-a-square-foot, the year-t0-date absorption rate remained negative at 2.86 million square feet.
The availability rate proved stubborn once again, remaining at 11.1 percent for the third straight month.
Other highlights include:
- There was 850,000 square feet leased out for the month, 26 percent below the five-year monthly average of 1.15 million square feet.
- Year-to-date leasing for the submarket is at 4.70 million square feet. That figure is noticeably smaller than the 7.49 million square feet leased out in 2011.
- Average asking rents increased by $0.28 to $63.98 per square foot.
- The Midtown South market exceeded expectations yet again, locking in 560,000 square feet of leasing activity in the month while outpacing the five-year monthly average of 320,o00 square feet.
- The year-to-date stands at 2.12 million square feet.
- The availability rate remained at 9.1 percent, while the average asking rent rose by 4 percent to $51.23-a-square-foot.
- The market experienced a disappointing performance in the month of may, recording 280,000 square feet of leasing activity. That number is 13 percent below the five-year monthly leasing average of 320,000 square feet.
- The availability rate remained at 11 percent, and the average asking rents dipped slightly to $39.53-a-square-foot from $39.85-a-square-foot in April.