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Demand is keeping up with supply but that could soon change, he said. Some 10 million square feet of new office space, the largest glut to hit Manhattan in at least 30 years, will begin to come online over the next few years in late 2017, he said. "What's going to happen when that comes on the market? Will that supply overwhelm demand, that is a big unknown," Caggiano said. Asking rents rose to a record average of $73.85 a square foot in Manhattan even though rents in Midtown, the largest U.S. office market, were 9.3 percent lower at $83.49 a square foot than their pre-recession peak in 2008, the brokerage said. In downtown, which is the third-largest U.S. office market, asking rents set a new record of $58.83 a square foot, while asking rents in the smaller but trendy Midtown South market also posted a new record at $67.54 a square foot. Overall leasing activity edged slightly higher from the second quarter, but rose 16.7 percent from the third quarter of 2015, a banner year for New York commercial real estate. Leasing volume picked up almost 25 percent quarter-over-quarter and 30.2 percent year-over-year in Midtown South.
Now we need you our readers to choose the winners. Vote once per day for your favorite in each category now through Monday, November 7 at noon ET. The 10 best winners in each category will be announced on Friday, November 11 on 10Best.com. Best Frequent Flyer Program One way to to save big bucks on travel is to take advantage of an airline's frequent flyer program. Not all loyalty programs are created equal; the best offer plenty of ways to earn and redeem miles, ample network coverage and lots of flight options for when it comes time to book that free flight. These 14 airline loyalty programs were chosen by a panel of points-and-miles experts as the most beneficial for North American travelers. We need your help ranking them! Vote: Best Frequent Flyer Program Best Hotel Loyalty Program Nearly every major hotel company offers a loyalty program, allowing frequent guests to cash in on discounted and free nights, as well as other perks. Choosing the right program and sticking with it can save you big bucks on travel.
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