Manhattan office leasing through October 2018

A roundup of news and data on the commercial market

Dec.December 01, 2018 10:00 AM

OFFICE LEASING IN MANHATTAN

  • Midtown office leasing fell 20 percent in October compared to September, totaling 1.4 million square feet. This was just 1 percent under the five-year monthly average. The availability rate dropped by 0.2 percentage points, to 10.9 percent. The average asking rent retreated in October, to $78.03 per square foot. The largest deal in Midtown was inked by online listings website Zillow, which leased 127,520 square feet at 1250 Broadway.
  • Leasing activity in Midtown South rose to 520,000 square feet in October — up 34 percent compared to last October. The availability rate decreased slightly, to 10.7 percent, from 10.8 percent in September. The largest deal in the submarket in October was inked by WeWork, which took 115,000 square feet at 149 Madison Avenue.
  • Lower Manhattan office leasing exploded to 1.1 million square feet in October, more than twice the five-year monthly average and four times as much as the preceding month. The availability rate dropped by nearly 1 percentage point, to 13.4 percent, identical to October 2017. The largest deal in this submarket, as well as citywide, was made by law firm Cahill, Gordon & Reindel, which leased 213,017 square feet at 32 Old Slip.

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

MANHATTAN’S TOP RECENT TRANSACTIONS

SPONSORSALE PRICEADDRESSUNIT 
CGS Builders$1,568,1055009 2nd Street516
Impex Builders$1,541,00021-10 44th Drive6C
Onex Real Estate Partners$1,331,604131-01 40th Road16Z
Onex Real Estate Partners$1,317,349131-01 40th Road19W

MANHATTAN’S LARGEST NEW AVAILABLE SPACES

SQ. FT.TENANTADDRESS
213,017Cahill, Gordon & Reindel32 Old Slip
127,520Zillow1250 Broadway
117,000WeWork575 Lexington Avenue
115,000WeWork149 Madison Avenue

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