Office market overview


MANHATTAN’S 2019 LEASING VOLUME WAS HIGHER THAN ANY YEAR since 2001. Leasing activity measured 43 million square feet last year, up 2.9 percent from the year prior, and average asking rents rose to $78.78 per square foot, up 3.8 percent. Morgan Stanley’s renewal and expansion at 1 New York Plaza for 1.32 million square feet, WarnerMedia’s sale-leaseback at 30 Hudson Yards for 1.5 million square feet and Google’s lease at 550 Washington Street for 1.3 million square feet were Manhattan’s largest deals in 2019.

Office market overview
Source: Colliers International. Leasing activity includes both new leases and renewals.

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