Midtown leasing slides in August: Cushman

TRD New York /
Sep.September 08, 2010 04:00 PM

Kenneth McCarthy of Cushman

Office leasing activity cooled in Midtown from the brisk levels seen over the previous months, but overall in Manhattan, the vacancy rate and average asking rents improved in August, new data from commercial firm Cushman & Wakefield show.

The volume of new space leased in Midtown slowed to 1.1 million square feet last month from an average of about 1.6 million square feet over the prior five months — which marks the most active period of leasing since the second half of 2006 — Kenneth McCarthy, managing director of research for the firm’s New York metro region, said.

“It is a bit of a slowdown, but it could be seasonal factors. I would not read too much into one month,” he said.

There were fewer large leases signed last month compared with July, a report from commercial firm Jones Lang LaSalle shows. In August, the largest new lease was for 140,000 square feet taken by bank Capital One at Vornado Realty Trust’s 90 Park Avenue in Midtown. In contrast the largest new lease in July was German financial firm Allianz Global Investors taking 213,000 square feet at Paramount Group’s 1633 Broadway.

Overall, there were 1.7 million square feet of new leases signed in Manhattan last month, up from just over 1 million square feet in August 2009, Cushman statistics show.

The vacancy rate for Manhattan fell by .2 points to 10.9 percent in August from a peak of 11.6 percent in the first quarter, while the average asking rent rose by 15 cents per foot to $54.14 per square foot, figures from Cushman show.


Related Articles

Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

Savills vice chairman Peter Hennessy

Peter Hennessy heading to Savills

Cushman & Wakefield CEO Brett White and the Oculus (Credit: Cushman & Wakefield and Unsplash)

Cushman’s management contract at Oculus extended despite woes