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Downtown New York City as seen from Hoboken, NJ
Spring! The sun is shining, birds singing, and everyone's giving their 1Q recaps. An overwhelming trend: The NYC office market continues to stabilize, with average asking rents increasing and vacancy rates falling in Midtown. JLL says vacancy rates fell in most submarkets during 1Q, with the exception of Lower Manhattan. At the same time, average rental rates increased slightly in Class B buildings in most submarkets. FirstService Williams notes that asking rates in Midtown North rose from $59.41 in 4Q to $59.91 PSF, and Midtown South saw an increase from $39.73 to $39.99 PSF. Downtown was the only submarket where rents dropped, from $38.60 to $37.21 PSF. Direct availability also increased sharply in Downtown, says Cassidy Turley, as 85 Broad St, the now-former Goldman Sachs HQ, added a 1M-SF vacant block of space. In March, the vacancy rate rose from 8.4% to 10.3%, its highest since 10.9% in July '06.
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