Manhattan office leasing through July 2019

A roundup of news and data on the commercial market


• Midtown office leasing bounced back somewhat in July, totaling 1.09 million square feet, up 10 percent from the month before, but still down 25 percent year over year. The availability rate stayed flat at 10.6 percent for the third straight month, while the average asking rent fell to $87.08. The largest deal in Midtown went to accounting firm EisnerAmper, which took 124,554 square feet at the Durst Organization’s 733 Third Avenue.

• Leasing activity in Midtown South tripled in July compared to June, hitting 1.83 million square feet. The availability rate fell to 9.5 percent, while the average asking rent rose by more than $3 to $86.16 per square foot. Most of the month’s volume in this submarket came from one massive lease: In the largest deal citywide, Google snapped up 1.3 million square feet at Oxford Properties Group’s St. John’s Terminal at 550 Washington Street.

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• Lower Manhattan office leasing slid to 650,000 square feet in July, down 28 percent from the month before but more than double last July’s volume. The availability rate fell to 12.4 percent, and the average asking rent rose to $63.32 per square foot. The largest deal in the submarket went to the public employee union District Council 37, which took 130,449 square feet at Retirement Systems of Alabama’s 55 Water Street.