NYC Leasing Update: Midtown, Midtown South & Downtown Harbor Three Of The Top Four CRE Markets With The Lowest Vacancy Rate In The Country   Leave a comment

According to year end data produced by Cushman & Wakefield, Midtown South, Midtown proper and Downtown boast three of the top four markets with the lowest vacancy rate in the country.

Midtown South, which starts at 34th St and includes areas such as the Garment District and Murray Hill extends up into the lower 40s, had a vacancy rate of just 6.4%, best in the nation and half of the national average which is 13.5%. Downtown (south of 23rd St), had a rate of 9.5% finishing in third place and Midtown proper (Times Sq up to 57th St) had a rate of 9.6% and finished in fourth place.

Other notable locations in the top ten include Portland (OR), San Francisco and Washington D.C.

Midtown proper has the highest average asking rent at $65.42 psf (increasing $1.35 from last quarter) which is almost $16 psf more than Washington D.C. which is the runner up in this category. The national average asking rent psf is $37.35.

Puts things in perspective depending on what market you focus on.

Advertisements

Posted January 20, 2012 by CBC REalta Group in CRE Trends

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: