Jones Lang LaSalle Sees Flat New York Office Market in 1st Quarter of 2012

NEW YORK, NY – April 5, 2012 – (RealEstateRama) — Jones Lang LaSalle announced the New York office market remained relatively flat in the first quarter of 2012. Average asking rental rates rose slightly as more expensive office space is added to the market, and overall vacancy rates increased marginally. The addition of new space to Midtown South, which remains one of the tightest markets in the country, has opened up some breathing room for tech tenants clamoring for space in the submarket.