Midtown has LinkedIn to thank for its latest office leasing bump

A roundup of news and data on the commercial market

Dec.December 13, 2019 07:30 AM

Office leasing in Manhattan

• Midtown saw an all-year high of 2.02 million square feet in office leases inked in October — up 87 percent from the month before and up 44 percent year-over-year. The availability rate stayed flat at 11.5 percent, while the average asking rent fell from a record high to $88.93. The largest deal in Midtown and citywide went to LinkedIn, which renewed and expanded in a 501,409-square-foot deal at the Empire State Building.

• Midtown South saw 450,000 square feet in leases inked in October, up 7 percent from September but down 13 percent year-over-year. The availability rate rose to 9.4 percent, and the average asking rent bounced back to $84.57 per square foot. The submarket’s largest deal went to marketing communications company Vision7 International, which took 39,954 square feet at Rudin Management’s 32 Sixth Avenue.

• Lower Manhattan leasing slowed in October with just 330,000 square feet in closed deals, down 63 percent from September and 71 percent year-over-year. The availability rate held steady at 11.8 percent, and the average asking rent rose to $62.34 per square foot. The largest deal went to New York magazine with a 55,470-square-foot lease at Brookfield Properties’ 250 Vesey Street.

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