Cassidy Turley August Report Notes Vacancy Down 10.3%
Midtown South Continues to Demonstrate Growth with Increase in Asking Rents
NEW YORK – August 13, 2012 – Cassidy Turley, a leading commercial real estate services provider in the U.S., released the August monthly market report which found that in July, Manhattan’s overall vacancy rate fell to 10.3 percent, the lowest it has been since December 2008. In addition, asking rents are up slightly to $54.95 while Class A average asking rents fell, for only the second month this year, by 6 cents, closing July at $67.50 per square foot. The report, compiled and written by Robert Sammons, Vice President Research Services for Cassidy Turley tracks the commercial real estate market, identifies emerging trends and the factors that contribute to the current market conditions.
The Cassidy Turley report details vacancy rates and asking rents for Midtown, Midtown South and Downtown submarkets. Highlights for Midtown South include vacancy rate dropping 40 basis points to 8.2 percent and sublet availability climbed to just under 100,000 square feet. The report concludes that although Downtown may have an abundance of availability on the horizon, the submarket is holding strong with Class A vacancy dropping to 8.6 percent.
“While there may be uncertainty in the market, there are also several positive indicators including vacancy and absorption rates within each submarket,” explains Peter Hennessy, President, Cassidy Turley. “By keeping a close eye on the subtle changes and understanding the factors behind fluctuations, these reports enable Cassidy Turley to provide superior service to our clients.”
For more information on Cassidy Turley or the New York market, please visit: http://www.cassidyturley.com/.
Lorraine Gimblett
lorraine@food-shelter.com
917-523-2327
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
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