Posted by Manhattan’s asking rents for office buildings fell 28% in the third quarter from the year-ago period as the recession pushed the vacancy rate to 9.3%, according to a report released Wednesday.
Average asking rents slipped to $50.78 a square foot, down $19.94 from year-earlier levels when the vacancy rate was 6.1%., according to the CB Richard Ellis Inc. report. Still, the real estate brokerage’s data showed a rosier view of the city’s market than Cushman & Wakefield Inc., which on Tuesday said the office vacancy rate is 11.1%.
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