Manhattan office leasing through January 2020

A roundup of news and data on the commercial market

Mar.March 02, 2020 11:00 AM

Office leasing in Manhattan

• Midtown office leasing rebounded in January with 1,980,000 square feet in leases inked, up 25 percent from the month before and also up 25 percent year-over-year. The availability rate rose to 11.8 percent, while the average asking rent rose to $86.56. The submarket and the city’s top deal went to Hudson Yards for a third straight month, as law firm Debevoise & Plimpton inked a 530,721-square-foot lease for Tishman Speyer’s Spiral at 66 Hudson Boulevard.

• Midtown South saw a total of 380,000 square feet in leases inked in January, down 22 percent from the month before and down 31 percent year-over-year. The availability rate rose to 10.4 percent, and the average asking rent rose by more than a dollar, to $85.72 per square foot. The submarket’s largest deal went to tech and life science law firm Fenwick & West, which inked a 60,696-square-foot renewal-expansion at the Rosen Group’s 902 Broadway.

• Lower Manhattan office leasing fell back to earth in January with just 400,000 square feet in leases inked, down 61 percent from December’s high and down 56 percent year-over-year. The availability rate rose to 12.5 percent, and the average asking rent climbed to $63.22 per square foot. The largest deal in this submarket went to Hana, the CBRE-backed flexible workspace firm, which signed a 85,984-square-foot lease at Silverstein Properties’ 3 World Trade Center.

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