Midtown Class A Vacancy Falls Sharply

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Manhattan Office Outlook | September 2014

MOU_Sep14JLL’s New York Research team has just released its September Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

Midtown Manhattan
Midtown Class A vacancy fell sharply in August to 10.7 percent from 11.2 percent in July while asking rents remained stable.

Downtown Manhattan
Strong leasing activity from small- and medium-sized tenants helped reduce the overall Downtown vacancy rate to 11.3 percent—the lowest level since September 2012.

Midtown South Manhattan
With the summer slowdown in full effect, leasing activity cooled in Midtown South during the month of August.

Capital Markets
Strong investment sales momentum continued through the first half of 2014, as a sustained favorable lending environment helped boost investment sales volume activity, with total U.S. volume growth for all core sectors tracking above 20 percent year-over-year.

Read the full report for more in-depth information about activity in the Manhattan office market.

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