The Real Deal New York

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

Leases have been signed for almost 14M sf overall
October 10, 2018 11:00AM

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