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April’s Office Leasing Tally Among the Highest Ever
Midtown’s office owners had a busy month in April, with leasing volume of 2.3 million square feet representing the fifth highest monthly total in the CBD’s history, Cushman & Wakefield reported. Year-to-date leasing activity reached 7.2 million square feet, the highest level through April on record, up 34.1% from one year ago.
The rising tide did not lift all boats, though. Although class A vacancies in Midtown declined by 30 basis points to 9.2% at April 30, class B saw a 40-bp increase in vacancies to 9.9%. This reflected increases in both direct and sublease available supply.
Asking rents followed a similar trajectory during the month. Those for class A jumped $1.08 per square foot month-over-month to $84.25, due to the removal of low-priced sublease space from the market at 237 and 245 Park Ave. Meanwhile, class B asking rents remained flat during the month at $59.75 per square foot.
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