Midtown Office Space Spills Onto Market Like It’s ’03

From The Real Deal: “Midtown saw the greatest amount of office space returned to that submarket since January 2003, fueling an increase in vacancies and a decrease in asking rents throughout Manhattan, according to a report released today by CB Richard Ellis. Midtown experienced a net absorption of negative 1.85 million square feet in October driving up the overall Manhattan vacancy rate to 6.6 percent from 6.1 percent in September, while average asking rents fell more modestly to $69.10 from $70.72.”

Midtown Office Space Spills Onto Market Like It’s ’03