Class A Properties Represent Majority of Available Space in Manhattan
Manhattan Class A space currently accounts for 62 percent of the available supply in a recovering market. Yes, you read that correctly—62 percent in a recovering market! Read More
Manhattan Class A space currently accounts for 62 percent of the available supply in a recovering market. Yes, you read that correctly—62 percent in a recovering market! Read More
The current difference between average Class B Midtown and Midtown South asking rents is $6.45 per square foot. If we polled brokers on which market’s asking rent was higher, nine out of 10 would probably choose Midtown.
And they would be wrong. Read More
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
And so it grows–the Midtown South Class B average asking rent that is.
That figure closed July at $47.14 per square foot, up a dramatic 2.7 percent in the month alone, and the highest since December 2008, when it was $47.31 per square foot. With the Class A segment of this area presenting limited inventory (20.5 million square feet), it was thought a good idea to take a look at what was happening in the much larger Class B segment (51.3 million square feet). Read More
