Manhattan office leasing through December 2018

A roundup of news and data on the commercial market

Feb.February 01, 2019 09:00 AM

OFFICE LEASING IN MANHATTAN

  • Midtown office leasing rose a whopping 81 percent in December compared to November, totaling 3.15 million square feet and making 2018’s fourth quarter the submarket’s strongest quarter since 2001. The availability rate dropped by 0.4 percentage points to 10.3 percent, while the average asking rent rose to $78.43 per square foot. The largest deal in Midtown and citywide was Deutsche Bank’s 1.1 million-square-foot lease at 60 Columbus Circle.
  • Leasing activity in Midtown South continued to rise in December, reaching 720,000 square feet, more than twice as much as December 2017. The availability rate fell to 9.7 percent from November’s 10.4 percent. The largest deal in this submarket was Google’s 280,026-square foot lease at 315 Hudson Street, part of its Hudson Square campus expansion.
  • Lower Manhattan office leasing bounced back in December, reaching 550,000 square feet, up 25 percent from November and more than twice the volume seen in December 2017. The availability rate dipped slightly to 13.2 percent. The largest deal in this submarket was Hudson River Trading’s relocation from 4 World Trade Center to 3 World Trade Center, taking up 135,921 square feet.

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 RECENT TRANSACTIONS

SQ. FT.TENANTADDRESS
1,122,702Deutsche Bank60 Columbus Circle
321,515Millennium Management LLC399 Park Avenue
236,197WeWork1440 Broadway
148,587Blackstone (expansion)345 Park Avenue

Source: CBRE and TRD

MIDTOWN SOUTH AND DOWNTOWN’S TOP RECENT TRANSACTIONS

SQ. FT.TENANTADDRESS
280,026Google315 Hudson Street
180,020Google345 Hudson Street
135,921Hudson River Trading LLC3 World Trade Center
51,000Knotel27 West 23rd Street

Source: CBRE and TRD


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