Downtown leads Manhattan office leasing in Q3: Cushman

TRD New York /
Dec.December 02, 2013 02:35 PM

Downtown was the sole submarket in Manhattan to see a positive rate in the sales and leasing of office properties during the third quarter of 2013, according to a report released today from Cushman & Wakefield.

The area had a 2.8 percent increase in office lease deals in October compared to the same period a year ago, which resulted in an additional 523,000 square feet being rented. The average asking rent rose 14.8 percent to $45.66 per square foot in October over the prior year, the data show. The quarterly absorption level was the highest it has been since 2011’s second quarter, when nearly 561,800 square feet was reported.

“Lower Manhattan has re-invented itself as a 24/7 hub where creative and innovative companies can flourish, with full-service amenities such as upscale eateries, soon 1 million square feet of retail shopping and vibrant nightlife,” Tara Stacom of Cushman & Wakefield said in a statement. “For perhaps the first time in its history, Downtown is increasingly being seen as a tenant’s most desired option.”

Since the year began, more than 30 firms relocated Downtown from Midtown South or other parts of Midtown. Most notably, advertising agency Droga5 inked a 91,440-square-foot lease at 120 Wall Street and Christian liberal arts school Nyack College grabbed 166,385 square feet at 2 Washington Street, as previously reported. — Mark Maurer


Related Articles

arrow_forward_ios
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
4 Times Square (Google Maps, TikTok)

What happens if Trump banishes TikTok, savior of NYC’s office market?

What happens if Trump banishes TikTok, savior of NYC’s office market?
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
HelloOffice CEO Justin Bedecarre

HelloOffice raises $20M in Series A funding

HelloOffice raises $20M in Series A funding
1300 Flushing Avenue (Google Maps)

Bushwick office building trades for $44M, sign of life for i-sales market

Bushwick office building trades for $44M, sign of life for i-sales market
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...