Manhattan office leasing volume lowest since December

TRD New York /
May.May 19, 2009 03:12 PM
Law firm Latham & Watkins put 183,000 square feet of sublease space back on the market at 885 Third Avenue (left); financial firms Citigroup and Legg Mason returned 194,000 square feet at 399 Park Avenue.

The amount of vacant office space in Manhattan climbed while rents fell in April, the weakest month for leasing since December 2008, a report from CB Richard Ellis shows.

Last month, 790,000 square feet of space was leased in the borough, the lowest monthly tally since December, when 720,000 square feet was leased, the CBRE data indicates.

In Midtown, 490,000 square feet was leased, which represented just 43 percent of the five-year average of 1.3 million square feet, the company determined.

“Leasing velocity in Midtown remained slow,” the report said.

Adding to the difficult situation, major firms returned large blocks of space to the market.

The law firm Latham & Watkins put 183,000 square feet back onto the market in sublease space at 885 Third Avenue; and financial firms Citigroup and Legg Mason returned a total of 194,000 square feet to the market at 399 Park Avenue, CBRE said.

The vacancy rate in all of Manhattan hit 8.8 percent last month, up .3 points from a month earlier, while average asking rents fell $1.40 per square foot to $55.95 per square foot, the April CBRE report says.

In April 2008, the vacancy rate was 5.5 percent and the average price per square foot was $70.87, the company found.

In the first four months of 2009, 3.45 million square feet was leased, the data shows, compared to 6.49 million taken in the same period last year.


Related Articles

arrow_forward_ios
From left: 50 Hudson Yards, 341 Ninth Avenue, 30 Hudson Yards (background) with Google's Sundar Pichai, Amazon's Jeff Bezos and Facebook's Mark Zuckerberg (Credit: Google Maps and Getty Images)

Big tech puts Manhattan office leasing within reach of annual record

51 West 52nd Street and ViacomCBS CEO Bob Bakish (Credit: Google Maps and Getty Images)

Following merger, Viacom could sell CBS’ Midtown HQ

Amazon CEO Jeff Bezos (Credit: Getty Images)

Mapping Amazon’s current office and warehouse footprint in NYC

Today’s Northern NJ office sales volume is double 2018’s

Today’s Northern NJ office sales volume is double 2018’s

Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

These were NYC’s top office leases in November

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

arrow_forward_ios