Manhattan office leasing through September 2018

A roundup of news and data on the commercial market

Nov.November 15, 2018 10:00 AM

OFFICE LEASING IN MANHATTAN

  • Midtown office leasing jumped 50 percent between August and September, hitting 1.76 million square feet. That put year-to-date leasing activity at its highest level since 2006. The availability rate also dipped slightly, to 11.1 percent. Meanwhile, the average asking rent in the submarket continued to rise in September, reaching $78.41 per square foot. That was still below the $80.54 per square foot from September 2017.
  •  Leasing activity in Midtown South fell to 460,000 square feet in September, a 30 percent drop from August but close to the five-year monthly average. The availability rate, meanwhile, ticked up to 10.8 percent, from 10.6 percent in August.
  •  Lower Manhattan office leasing increased slightly in September with 250,000 square feet in transactions, but that was half the year-earlier amount. The availability rate ticked up to 14.3 percent while the average asking rent fell to $60.66 per square foot, down $0.35 from August.

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

Midtown’s top september transactions

SQ. FT.TENANTADDRESS  
239,000Bessemer Group 1271 Sixth Avenue
116,000Convene 530 Fifth Avenue
110,989Spaces405 Lexington Avenue
100,000WeWork 1185 Sixth Avenue

Midtown south and downtown’s top september transactions

SQ. FT.ADDRESSADDRESS  
100,000WeWork 35 East 21st Street
86,000Spotify4 World Trade Center
61,390Broadcast Music 7 World Trade Center
60,000WeWork 511 West 25th Street

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