Stat of the Week

For First Time in Recent History, Class B Availability Lower Than Class A

170BasisPoints

A flight to value is occurring in the Manhattan office market as Class B office product remains in high demand.

At 10.6 percent, the current availability rate for Class B space is 170 basis points less than the Class A rate of 12.3 percent. This is the only real estate cycle in recent history in which Class B availability rates have been lower than those for Class A. This trend started in 2012 and has continued for the last 10 months. Read More

Stat of the Week

Midtown Class A Rent Makes Leap

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The Midtown Class A average asking rent, defying a rather weak leasing market, jumped 2.4 percent in the third quarter to close at $76.75 per square foot and is now at its highest since attaining $80.70 per square foot in January 2009.

It has risen in each of the three quarters thus far in 2012 and is up 8.3 percent year-to-date. Furthermore, each of the five Midtown submarkets has seen a rise this year (some quite substantially). Read More