What to make of Colliers ABR’s latest monthly report on the Manhattan commercial market? Not much, and that’s not the brokerage’s fault. It’s that little has changed in the borough’s commercial market in… years now.
Here’s how the story line has unraveled: Vacancy rates have dropped as asking rents have risen, and a lack of fresh office construction, along with a strong local economy, has fueled this two-part reality. In November, Manhattan’s commercial vacancy rate dropped from 7.8 percent in October to 7.6 percent. The average asking rent increased from $49.44 a square foot to $51.52 in November.
Things could change in the commercial market – and they could change quite rapidly. For now, though, the news is that there is no news.
– Tom Acitelli