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Manhattan Office Vacancy Hits Lowest Rate in Six Years

New York

Manhattan's office vacancy rate has hit a six-year low, at 8.8%. So far this year, Midtown has leased 10.5M SF, up 12.5% year-over-year. This has boosted the city's average asking rent to a seven-year high of $70.52 PSF, Cushman & Wakefield's Q2 2015 Office Snapshot reveals. Midtown South remains the tightest office market in the US, as its overall vacancy dropped to 6.2% in the second quarter. Meanwhile, Downtown's vacancy rate rose from 10% to 10.3% year-over-year. Class-A rates climbed substantially in all three markets. Midtown reached $81.14 PSF, Midtown South hit $78.90 PSF, and Downtown landed at $62.26 PSF. [C&W]