Manhattan Office Market
Improved quarterly absorption, stronger leasing activity and withdrawals for conversions led to a decline in availability to 18.5%. Year-to-date leasing activity totaled 26.1 MSF, up 24.7% from the same period last year. Class A assets comprised 79.7% of third quarter leasing activity in Midtown. Midtown trophy direct availability rate dropped 10 basis points to 8.5%, driven by strong leasing activity.
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