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New York

Manhattan office leasing through June 2018

A roundup of news and data on the commercial market

Office leasing in Manhattan
  • Midtown office leasing fell to 1.3 million square feet in June from 1.6 million feet the prior month, an analysis of CBRE data showed. At the same time, average asking rents nudged up by $0.05 to $77.13 after reaching their lowest level since 2015 in May. Law firm Manatt Phelps & Phillips’ 80,265-square-foot lease renewal at 7 Times Square was the largest of the month in the submarket.
  • Midtown South’s average asking rent in June rose to $78.36 per square foot, now $1.23 per foot pricier than Midtown. May was the first month that Midtown South’s asking rent eclipsed that of Midtown, according to CBRE. Tenants inked 820,000 square feet of deals in the submarket, up 32 percent from May. The largest deal was the Discovery Channel taking 362,658 square feet at 230 Park Avenue South.
  • Midtown South’s average asking rent in June rose to $78.36 per square foot, now $1.23 per foot pricier than Midtown. May was the first month that Midtown South’s asking rent eclipsed that of Midtown, according to CBRE. Tenants inked 820,000 square feet of deals in the submarket, up 32 percent from May. The largest deal was the Discovery Channel taking 362,658 square feet at 230 Park Avenue South.

Midtown’s leasing activity and availability rate

Midtown’s average asking rent and taking rent index

Midtown South’s leasing activity and availability rate

Midtown South’s average asking rent and taking rent index

Downtown’s leasing activity and availability rate

Downtown’s average asking rent and taking rent index

Top Deals

Midtown’s top June transactions

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SQ. FTTENANTADDRESS
80,265 Manatt Phelps & Phillips7 Times Square
59,000Perkins Coie1155 Sixth Avenue
52,500Solomon Page Group260 Madison Avenue
49,000Mayer Brown1221 Sixth Avenue

Source: The Real Deal and news articles

Midtown south and downtown’s top June transactions

SQ. FTTENANTADDRESS
362,658Discovery Communications230 Park Avenue South
150,000NYU Langone Medical Center1 Park Avenue
125,000New York University105 East 17th Street
60,000WeWork408 Broadway

Source: The Real Deal and news articles