Manhattan office leasing through August 2019

A roundup of news and data on the commercial market

Oct.October 01, 2019 11:00 AM

Office leasing in Manhattan

• Midtown office leasing saw a slow August with 780,000 square feet in deals inked, down 28 percent from the month before and down 30 percent year-over-year. The availability rate rose half a percentage point, to 11.1 percent, thanks to several new availabilities. The average asking rent, meanwhile, climbed to $87.42. The largest deal in Midtown and citywide went to law firm Davis & Gilbert, which took up 85,862 square feet at Rudin Management’s 1675 Broadway.

• Leasing activity in Midtown South slid in August after July’s Google-driven spike. It totaled just 330,000 square feet — an 82 percent drop from a month before and down 49 percent year-over-year. The availability rate dipped to 9.3 percent, while the average asking rent continued to fall, clocking in at $85.70 per square foot. The submarket’s top deal went to coworking firm Knotel, which picked up 30,710 square feet at Thor Equities and Wharton Properties’ 536 Broadway.

• Lower Manhattan office leasing was also slow in August, with 260,000 square feet in deals closed, down 60 percent from the month before but still 8 percent up year-over-year. The availability rate dropped slightly, to 12.3 percent, and the average asking rent rose a few cents, to $63.36 per square foot. The largest deal in this submarket went to Knotel as well, with the co-working firm snagging 83,732 square feet at L&L Holding Company’s 195 Broadway.

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