Manhattan Commercial Real Estate Occupancy at 8.7%
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Manhattan commercial real estate is doing great. With low occupancy and the average asking rent for Class A space in Manhattan at over 59 dollars a square foot, finding quality space in the city is getting very hard to find.
Manhattan’s commercial real estate market surged in the fourth quarter of 2005, while the residential market tightened.
In the commercial market, both the Class A and overall vacancy rates fell to their lowest level in five years, according to a fourth-quarter market report by brokerage firm Colliers ABR. Overall vacancy rates fell to 8.7% while rates for Class A office space dipped to 7.4%. The last time rates were as low was December 2000, when the overall vacancy rate was 5.0% and the vacancy rate for Class A office space was 3.9%. New York Business.
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