New York property market still hot: Colliers

New York

LEASING activity in the third quarter for office space in Manhattan dipped below a 10-year rolling average for the first time since 2013, a crack in an otherwise robust commercial real estate market, Colliers International Group Inc said on Wednesday.

The asking rate for rents is at record highs and property sales are poised to set an annual record, while the availability rate for office space fell to 9.7 per cent, the lowest for all of Manhattan in seven years, Colliers said.