Manhattan Office Market Update – Q2 2011

The Manhattan office market continued on its road to recovery in Q2 with the overall vacancy rate falling to 12.7%, a slight 10 basis-point decline from the previous quarter, and asking rents rising to $48.64, a 1.9% increase from Q1.

Leasing activity was dominated by financial services and media companies, which accounted for 16 of the 20 largest leases completed during Q2. Two...