Downtown setting pace for Manhattan office leasing market

Asking rents up, availability down in commercial submarket

TRD New York /
Oct.October 14, 2014 05:20 PM

Downtown appears to be shaking its third-wheel status as Manhattan’s weakest submarket for office leasing.

According to a CBRE report, asking rents there have risen 8 percent since the beginning of 2014, surpassing gains in Midtown and the increasingly tech-friendly Midtown South. Rents continue to rise despite large chunks of space From The World Trade Center Site And Brookfield Place entering the market.

“It is interesting, as Downtown was the market that people had feared for the most, but it is the one that has the been growth in asking rents,” Peter Turchin, CBRE vice chairman, told Crain’s.

Availability there has lowered to 11.7 percent, inching closer to Midtown’s rate of 11.1 percent.

The Lower Manhattan market is also anticipating the addition of three new commercial spaces, with 1.1 million square feet at 1 Chase Plaza and two large blocks from Brookfield at 1 Liberty Street and 300 Vesey Street anticipated to go live in the coming months. [Crain’s] — Kerry Barger


Related Articles

arrow_forward_ios
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
arrow_forward_ios

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

Loading...