Manhattan office taking rents have fallen by as much as 40 percent from the second quarter of 2008 to the same period in 2009, commercial real estate firm FirstService Williams says in a new report issued today.
While the survey showed average asking rents in Manhattan were down 26 percent quarter-over-quarter, to $58.52 per square foot from $79.39 per square foot, the taking rent fell even more.
"Our measures of taking rents indicate that the average may be down in the range of 35 percent to 40 percent over nearly the same time period," the report says.
New York City 2010
