Manhattan office rents fell 5.2% in the third quarter from the previous three months as the recession forced landlords to cut prices to lure tenants.

Asking rents fell to an average of $50.98 a square foot from $53.76, New York-based property broker Studley Inc said in a draft report. Rents for the best offices in Manhattan declined 6.4% to $62.38 a sq ft in the period.