Manhattan office leasing through April 2019

A roundup of news and data on the commercial market

Jun.June 01, 2019 01:00 PM

OFFICE LEASING IN MANHATTAN

  • Midtown office leasing continued to rise in April, totalling 1.85 million square feet, a 38 percent increase from the month before. The availability rate stayed flat at 10.7 percent, while
  • the average asking rent hit an all-time high of $88.20, breaking a record set in 2008. The largest deal in Midtown was inked by financial and insurance giant AIG, which picked up
  • 320,237 square feet at 1271 Sixth Avenue.
  • Leasing activity in Midtown South rebounded in a big way in April, hitting 680,000 square feet in leases, more than the previous two months combined. The availability rate rose to
  • 10.5 percent, and the average asking rent rose to $84.70 per square foot. The submarket’s largest deal was at the Pier 57 office redevelopment, where CBRE data says a “confidential
  • tenant” inked a 170,421-square-foot expansion.
  • Lower Manhattan office leasing was down 29 percent in April from the month prior, totalling 450,000 square feet, enough to push year-to-date leasing activity to the highest level
  • since 2002. The availability rate rose slightly to 13.5 percent, and the average asking rent climbed to $62.16 per square foot. The largest deal in the submarket and citywide was
  • EmblemHealth’s 15-year renewal at 55 Water Street, where the firm will occupy 439,080 square feet across 13 floors.

MIDTOWN’S LEASING ACTIVITY AND AVAILABILITY RATE

MIDTOWN SOUTH’S LEASING ACTIVITY AND AVAILABILITY RATE

DOWNTOWN’S LEASING ACTIVITY AND AVAILABILITY RATE

MIDTOWN’S AVERAGE ASKING RENT AND TAKING RENT INDEX

MIDTOWN SOUTH’S AVERAGE ASKING RENT AND TAKING RENT INDEX

DOWNTOWN’S AVERAGE ASKING RENT AND TAKING RENT INDEX

 

TOP DEALS

MIDTOWN’S TOP RECENT TRANSACTIONS

SQ. FT.TENANTADDRESS
439,080EmblemHealth (renewal)55 Water Street
320,237American International Group (AIG), Inc.1271 Sixth Avenue
241,657Colgate-Palmolive Company (renewal)300 Park Avenue
189,448AllianceBernstein L.P.66 Hudson Boulevard

Source: CBRE and TRD

MANHATTAN’S LARGEST NEW AVAILABLE SPACES

SQ. FT.TENANTNEIGHBORHOOD
274,00055 Water Street*Downtown
196,000521 West 57th StreetMidtown
178,000180 Broome Street*Downtown
175,000202 Broome Street*Downtown
**Space was previously on the market, but was included because it’s now within the 12-month window for tenant occupancy Source: CBRE and TRD


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