NEW YORK CITY—Although leasing volume in July was the lowest since October of last year, Cushman & Wakefield says the 1.5 million square feet leased last month still indicates Manhattan’s office market is in fine shape.
The brokerage firm in its Marketbeat Office Snapshot for July, reports the overall asking rent in Manhattan increased 4% year-over-year, setting a new record of $73.27-per-square-foot. Asking rents in 17 of the 19 Manhattan submarkets increased in July as compared to a year earlier.