Midtown Office Rents Stabilize in Quality Flight, Studley Says
July 6, 2010
By: David M. Levitt

Midtown Manhattan office rents for the best-quality space were little changed at the end of the second quarter as landlords offered leases for more than a third off the amount they asked for in 2008.

The average rent sought for so-called Class A space in Midtown fell 0.2 percent to $63.24 a square foot at the end of June compared with March 31, New York-based property broker Studley Inc. said in a draft report. ...

... “The steep part of the decline is in the rearview window,” said Steve Coutts, Studley senior vice president for research. ...

... The Plaza is almost a market unto itself,” Coutts said in a telephone interview. “With the exception of prime Class A space in Midtown, we’re probably going to be bouncing along the bottom for quite some time -- until we see significant, true job growth.”...

... There’s a significant amount of space on the edge,” Coutts said. “There’s a large enough quantity of space potentially in the market that could spike the availability rate downtown by four or five percentage points.”

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