Downtown’s luxury apartment market showed a slight improvement during the fourth quarter, according Appraisal Research Counselors, though landlords are still offering concessions to lure tenants.
“Luxury occupancies continued their positive tren*ds in the third quarter of 2003, ending at roughly 93.3 percent in stabilized buildings, up from 91.1 percent in the first quarter of 2003, said John Jaeger, of Appraisal Research. “Luxury occupancies are 1.1 percent higher than the third quarter 2002 occupancies a year ago. The higher third quarter 2003 occupancies are on top of positive leasing activity at the newer buildings, such as the Park Millennium and the Grand Plaza.”
As of the third quarter of 2003, the average asking rent for 16 newer buildings surveyed was $2.06 per square foot (including some concessions), down slightly from the average asking rent of $2.08 per square foot in the second quarter of 2003.