DTZ: Class A office rents down slightly in New York City
DTZ’s Office Market Snapshot found that the overall vacancy rate across all Manhattan office sub-markets was 9.8%, and has been boosted by the supply of Class B space. Nevertheless, Class B rents have been rising (to a almost USD60 per square foot) while Class A rents have been stable at around USD76 per square foot. New office space under construction in Manhattan rose from 5.1mn square feet in 1Q14 to 6.6mn square feet in 1Q15.
Source : 31 March 2015/DTZ/New York City/OFF