Office leasing in Downtown Manhattan up 78% year-over-year

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | May 10, 2017 06:30PM

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According to this week’s market reports, Downtown Manhattan saw the most relative growth in office leasing activity during the month of April, though it comes with a pretty significant caveat. Per CBRE, the total of 257,000 square feet leased in April was 78 percent better than last April, but still 40 percent below the five-year monthly leasing average of 427,000-square-feet. By comparison, leasing activity in Midtown and Midtown South in April was down 7 and 8 percent year-over-year, respectively.

This week’s residential market reports:

Rental report | MNS
Brooklyn’s rental prices are down half a percent from last year, averaging $2,759. In Manhattan, average rents for one-bedrooms are down but studio are up. Read the full reports for Manhattan, Brooklyn, and Queens.

Luxury Sales | Olshan Realty
The total asking dollar volume for the 22 luxury contracts signed last week was $161.3 million. The average discount from asking price was 20 percent. Read the full report here.

National rental report | Zumper
In New York, both one and two bedroom bedroom prices dropped about 1% to $2,910 and $3,450, respectively. Read the full report here.

This week’s commercial market reports:

Lower Manhattan report | Downtown Alliance
Lower Manhattan saw 1.8 million square feet of office space leased in the first quarter of 2017. TAMI tenants now make up 26 percent of the market, compared to 19 percent in 2016. Read the full report here.

Office leasing | CBRE
Office leasing activity was down in all Manhattan submarkets relative to the five-year monthly averages. Year-to-date, leasing activity in Downtown was up 78 percent, to 257,000 square feet. Read the full report here.