The Midtown office market ended the third quarter 2010 with a vacancy rate of 22.17%. This vacancy rate represented a 0.03 percentage point increase over the previous quarter, when it was 22.14%. The increase in vacancy occurred in a quarter where Midtown saw negative 5,750 square feet in net absorption and no new deliveries. Quoted rental rates ended the third quarter 2010 at $22.67 per square foot, up from $22.61 per square foot in the second quarter 2010. At the end of the quarter, there was nothing under construction in the Midtown office market.

Class A projects in Midtown reported a third quarter 2010 vacancy rate of 25.37%, down from the 25.67% reported at the end of second quarter. Net absorption within the class A sector totaled positive 42,058 square feet for the quarter, and no new deliveries were reported. Quoted rental rates for available space within the class A sector averaged $23.75 at the end of the quarter, unchanged from the $23.75 that was reported in the second quarter. There was nothing under construction in the class A market at the end of third quarter.