The Midtown South Market of Manhattan had an increase in asking rents during the second quarter, which was the only section of the borough to do this, Cushman & Wakefield explained.
The total asking rent average for Manhattan was $58.86 per square foot in June, which was 6 percent higher than the same point last year. However, the report explained that Midtown South had an even higher improvement.
"The submarket, also known as 'Silicon Alley' for its desirability among media and technology companies, has an average asking rent of $49.43 per square foot, an increase of nearly 11 percent year-over-year," said Andrew Peretz, a Cushman & Wakefield executive vice president.
In addition, the Midtown South area had a vacancy rate of only 6.1 percent during June, the report said. This is likely because of the more than 11 million square feet of new leases that closed during the first half of the year. That was an improvement of 6 percent compared to the same point last year.
The report added that Manhattan's overall vacancy rate was 9 percent in June.