Manhattan office leasing through July 2018

A roundup of news and data on the commercial market

Sep.September 01, 2018 09:00 AM
 

OFFICE LEASING IN MANHATTAN

• 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.


Manhattan's Top Recent Transactions

SQ. FT.TENANTADDRESS
343,606Evercore Partners55 East 52nd Street
270,536JPMorgan Chase & Co.237 Park Avenue
106,350Aetna161 Sixth Avenue
94,367Carlyle Group1 Vanderbilt Avenue


Manhattan's Largest New Available Spaces

SQ. FT.ADDRESSNEIGHBORHOOD
444,00063 Madison AvenueMidtown South
383,0001 Manhattan WestHudson Yards
264,000437 Madison AvenueMidtown
200,000335 Madison AvenueMidtown
 

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