Manhattan vacant space hit a 64-month high during May, reaching 42.7 million square feet. Coworking and flex-office providers continue to be active and accounted for the top two leases in May – 11.0% of 2.7 msf leased during the month. Direct average asking rents for all classes of space climbed to $77.86 psf, the highest amount on record. Office employment was pushed to more than 1.47 million after 24,300 jobs were created through April, as TAMI led with 11,600 new positions.
Be on the lookout for more editions of Five Fast Facts from Cushman & Wakefield’s Tri-State Research team each month. You can download the pictured graphic by clicking here.