Office rents are higher than ever in Manhattan, averaging $73.92-per-square-foot in the first quarter, according to Colliers International. Office tenants leased a total 9.2 million square feet of space, up 25% from the fourth quarter 2016, and much more than the 10-year average.

All those leases helped drive the percentage of vacant office space down to an average of just 6.5%.

Developers are very busy in Manhattan, but nothing over 200,000 square feet will actually open in 2017. There’s a deepening shortage of spaces larger than 250,000 square feet

“Average asking rents for this segment are close to $90-per-square-foot,” according to Colliers.

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