Manhattan office leasing through August 2018

A roundup of news and data on the commercial market

Oct.October 01, 2018 10:00 AM

• Midtown office leasing fell in August compared to the prior month, totaling 1.17 million square feet. That was 18 percent below the five-year monthly average. The availability rate also dropped slightly, to 11.2 percent. The average asking rent rose to $78.08 per square foot in August, but was below the figure one year ago, when it clocked in at $80.37. The largest deal was coworking firm Spaces taking 109,364 square feet in the Chrysler Building at 405 Lexington Avenue. Coworking firms were responsible for the top five leases citywide in August.

• Leasing activity in Midtown South rose to 650,000 square feet in August, a 27 percent increase from July and a whopping 45 percent more than the five-year monthly average. The availability rate fell to 10.6 percent, down from 11.2 percent in July. The largest deal in August in the submarket — as well as citywide — was WeWork inking a new lease for 236,191 square feet at 21 Penn Plaza. WeWork alone accounted for three of the month’s top four transactions, signing for nearly half a million square feet across the city.

• Lower Manhattan office leasing activity was flat in August, with 240,000 square feet in transactions — the same as July and 44 percent below the five-year monthly average. The availability rate also stayed flat at 14 percent, though the average asking rent dipped slightly, to $61.01 per square foot, down $0.06 compared with July. The largest Downtown transaction in August was yet another coworking lease, with WeWork signing for 76,814 square feet in an expansion deal at 85 Broad Street.

 

SQ. FT.TENANTADDRESS
236,191WeWork21 Penn Plaza
109,364Spaces405 Lexington Avenue
83,250WeWork450 Park Avenue South
76,814WeWork (expansion) 85 Broad Street


SQ. FT.ADDRESSNEIGHBORHOOD
224,0001114 Avenue of the AmericasMidtown
152,00055 East 52nd StreetMidtown
95,00080 Maiden LaneDowntown
85,000229 West 43rd Street
(Yahoo! Inc. sublet)
Midtown

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