Office leasing in Midtown has hit a 12-year high: CBRE

Leases have been signed for almost 14M sf overall

TRD New York /
Oct.October 10, 2018 11:00 AM

Midtown (Credit: webtreats via Flickr)

Midtown office tenants and landlords are partying like it’s 2006.

The market has seen its highest amount of office leasing through the third quarter of 2018 in the past 12 years, Bloomberg reported, citing data from CBRE. Agreements were signed for 13.9 million square feet, the most since 2006, when the total was 15.6 million square feet.

The largest deal went to the financial firm Evercore, which more than doubled its lease at 55 East 52nd Street, known as Park Avenue Plaza, to 343,606 square feet. JPMorgan Chase came next with a 270,536-square-foot renewal at 237 Park Avenue.

During the third quarter specifically, there were 4.4 million square feet worth of deals signed in Midtown. The average asking rent was $78.41 per square foot, a 2 percent increase from the second quarter but a 3 percent decrease from the third quarter last year. [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
237 Park Avenue and Scott Rechler (Photos via Getty; RXR)

What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue

What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue
The National Multifamily Housing Council’s monthly payment tracker found that 90.6 percent of those households paid some rent by Oct. 20. (iStock)

Rent collections in market-rate apartments stagnate in October

Rent collections in market-rate apartments stagnate in October
Four New York Plaza (Photo via Hines)

Four New York Plaza office tower hits the market

Four New York Plaza office tower hits the market
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
arrow_forward_ios

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

Loading...