• Midtown office leasing rose in July compared to the prior month, totaling 1.45 million square feet. That was 2 percent above the five-year monthly average. Despite the increase, the
availability rate was flat at 11.3 percent. The average asking rent ticked up to $77.90 per foot in July, but it was below the figure a year ago, when it stood at $80.79. The largest deal
in the market was investment bank Evercore signing for 343,606 square feet in a renewal-and-expansion deal at 55 East 52nd Street.
• Tenants in Midtown South inked 514,000 square feet of new leasing in July — 16 percent higher than the five-year monthly average. A large block of space totaling 444,000 square
feet was added to the market, leading to an increase in the availability rate to 11.2 percent, up from 10.7 percent in June. The largest deal in July was insurance giant Aetna taking
106,350 square feet at 161 Sixth Avenue.
• Lower Manhattan office leasing declined in July as compared to June, with activity falling to 240,000 square feet. That figure was 43 percent below the five-year monthly average.
At the same time, the availability rate tightened to 14 percent, and the average asking rent rose in July to $61.07 per foot, up $0.08 per foot compared with June. The largest lease
signed Downtown in July was PR Newswire Association taking 33,866 square feet at 200 Vesey Street in Battery Park City.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.