Midtown South office leasing up 46 percent, Downtown down same: CBRE

CB Richard Ellis’ most recent monthly Manhattan Marketviews report showed disparate office leasing activity in three of the borough’s main office corridors: Midtown, Midtown South and Downtown. Midtown South had “robust leasing activity in February,” according to the report, with 410,000 square feet leased, marking 46 percent more leased space than the five-year monthly average recorded by CBRE. And while the average rent per square foot in the area stayed relatively flat, climbing just 5 cents month-over-month, the overage leasing volume had a positive effect on the area’s office market. Downtown, however, was not so encouraging. The neighborhood saw just 210,000 square feet of leased space, down 46 percent from the five-year monthly average of 390,000 square feet. Midtown, meanwhile, “had a stable month in February,” the report says, falling short of the monthly average by about 29 percent but showing strong gains over the same time period a year earlier. TRD