Study. Midtown North vacancies up

Real Estate Weekly, April 17, 2002

Midtown North vacancies inched higher while asking rents edged lower in the first quarter of 2002, according to a market study being issued by GVA Williams.

GVA Williams reports that Midtown North asking rents dropped about $3 to $56.71 in the first quarter of 2002. And availabilities in Midtown North climbed from 8.9% in the fourth quarter of 2001 to 9.7% so far this year.

Tenants in search of deals rather than location turned their attention to Midtown South and Downtown. In Midtown South, spaces comparable to those m Midtown North were. available at more affordable rates, as landlords adjusted asking rents in response to the amount of space available in the market. Meanwhile, the Downtown submarket has been attracting interest since government incentive packages have been put in place and landlords have begun to re-price their properties.