By The Editors on July 10, 2013.
Overall, Manhattan rents were flat in June after posting impressive increases through April and May. Midtown’s starting rent increases continued as several more leases for high-end office space were signed. Midtown South saw leasing activity and rents drop slightly—a normal occurrence in the month after a rare large Class A office lease is signed (Facebook at 770 Broadway). Downtown rents remained flat despite reasonable activity, posting a miniscule drop, which can be attributed to large blocks of space becoming available.
June’s largest office deals included Och-Ziff in the Solow Building, New York Media in Hudson Square, and New York County Health Services Review Organization in City Hall.