Manhattan office leasing through September 2018

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.