In Manhattan, volume falls along with prices - volume of available office space in New York, New York decreases in October 1992

Real Estate Weekly, Dec 16, 1992

The volume of available Manhattan office space fell again in October while average prices' decreased to $29.51 a square foot, a drop of 1.01. percent over the September figure.

So reports Newmark's NYC Office Space Index, a monthly update and analysis of the latest trends and conditions in the Manhattan office marketplace prepared by Newmark Real. Estate Services, a division of Newmark & Company Real Estate, Inc.

According to the report, which monitors leasing activity, space availability and asking prices in the city's eight largest office districts, the November Index revealed that:

* Over 55.6 million square feet of space (16.39 percent of the total marketplace) is now available for either direct lease or sublease, a decrease of 1.64 percent over the previous month's figure

* October average asking prices ranged from a high of $36.26 in the Plaza district (down 3.83 percent) to a low of $15.67 (down .06 percent) in the Soho/lower Broadway district

* The Midtown West, Midtown, Midtown South, Wall Street areas all showed price decreases of 2.07 percent, 1.46 percent, .51 percent and .95 percent respectively, while prices rose by .57 percent in the Empire State district

* Overall vacancy rates (both Class A and B space) dipped in five of the eight office districts during the month, with the Wall Street (down 5.46 percent) and Empire State (down 2.87 percent) areas showing the largest percentage decreases. Vacancy levels rose by 3.87 percent in the Grand Central District

* The Midtown district continues to have by far the most space available (31,264,312 square feet), followed by the Wall Street area (19,451,394), Grand Central (10,019,664), Midtown West (9,943,658),the Plaza district (7,752,178), the Empire State district (3,548,812), Midtown South (3,436,534), and Soho/Broadway (1,536, 115)

* Along the most fashionable Midtown avenues, average asking prices in October ranged from a high of $39.55 a foot on Park (13.32 percent vacancy) to $28.31 a foot (23.97 percent vacancy) on Broadway. Prices on Fifth and Madison Avenues averaged $35.26 and $34.17 a foot respectively

The NYC Office Space Index is prepared under the direction of Newmark Real Estate Services president Batty Gosin. Information about the Report is available by contacting the company's Midtown headquarters at 477 Madison Avenue.