The Real Deal New York

Manhattan office leasing through November 2018

A roundup of news and data on the commercial market
By Kevin Sun and Yoryi de la Rosa | January 01, 2019 10:00AM

OFFICE LEASING IN MANHATTAN

  • Midtown office leasing rose 24 percent in November compared to October, totaling 1.74 million square feet, bringing year-to-date leasing activity to 5 percent more than the same period last year. The availability rate dropped by 0.2 percentage points, to 10.7 percent in November, while the average asking rent rebounded to $78.37 per square foot. The largest deal in Midtown and citywide was inked by Bloomberg L.P., which renewed 470,811 square feet at 120 Park Avenue.
  • Leasing activity in Midtown South rose to 690,000 square feet in November, a third more than the prior month and slightly less than last November’s total. The availability rate declined to 10.4 percent from 10.7 percent in October. The largest deal in this submarket was Polo Ralph Lauren Corporation’s renewal and expansion at 601 West 26th Street, which brought its total leased space to 334,751 square feet.
  • Lower Manhattan office leasing fell back to earth in November, dropping from October’s remarkable million-plus spike back down to 440,000 square feet. This was still 33 percent more leasing volume than November last year. The availability rate stayed level at 13.4 percent. The largest deal in this submarket was yet another renewal, with NYCHA inking a new lease for its 422,264 square feet at 90 Church Street.

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

MANHATTAN’S TOP RECENT TRANSACTIONS

SQ. FT.TENANTADDRESS
470,811Bloomberg L.P. (renewal)120 Park Avenue
422,264New York City Housing Authority
(renewal
90 Church Street
334,751Polo Ralph Lauren Corporation
(renewal & expansion)
601 West 26th Street
312,200Peloton Interactive LLC441 Ninth Avenue

Source: CBRE

MANHATTAN’S LARGEST NEW AVAILABLE SPACES

SQ. FT.ADDRESSNEIGHBORHOOD
228,0001180 Avenue of the AmericasMidtown
104,0001 BroadwayDowntown
99,000521 West 57th Street
(Laboratory Corporation of America sublet)
Midtown
88,000250 Park Avenue*Midtown

*This space was already on the market but has now fallen within 12 months of tenant possession and was therefore added to statistics

Source: CBRE