Manhattan office leasing through September 2019

A roundup of news and data on the commercial market

Nov.November 01, 2019 12:00 PM

Office leasing in Manhattan

• Midtown saw 1,070,000 square feet in office leases inked in September, up 37 percent from August but down 39 percent year-over-year. The availability rate continued to rise, reaching 11.5 percent, while the average asking rent hit a new record high of $89.45. The largest deal in Midtown and citywide went to WeWork, which took 362,197 square feet at 437 Madison Avenue — soon after CEO Adam Neumann stepped down and the firm announced an end to all new leasing.

• Leasing activity in Midtown South bounced back in September with 420,000 square feet in closed activity, up 27 percent from August but down 9 percent year-over-year. The availability rate dropped to 9 percent, and the average asking rent slid further, to $83.56 per square foot. This submarket’s top deal went to WeWork as well, as the co-working giant closed on a 108,000-square-foot lease at 16 East 34th Street.

• Lower Manhattan saw leasing pick up in September with 900,000 square feet in closed deals, up 62 percent from the month before and up 68 percent year-over-year. The availability rate dropped further, to 11.8 percent, and the average asking rent fell to $62.34 per square foot. The largest deal in this submarket went to ridesharing giant Uber, which took up 307,970 square feet across seven floors at 3 World Trade Center.

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