Manhattan office leasing activity in the fourth quarter of 2014 | The Real Deal New York

The Real Deal New York

Manhattan office leasing activity in the fourth quarter of 2014

January 21, 2015 06:27AM

Q4 2014 CBREManhattan office leasing activity in the fourth quarter of 2014 was on par with the same period last year, according to a new report from CBRE.

In the final quarter of the year, 6.9 million square feet of space was leased, totaling slightly less than the 7.4 million square feet leased in the fourth quarter of 2013.

Average asking rents during this time averaged $67.05 per square foot, a minor increase from the $66.77 per square foot from the previous year.

Meanwhile, Midtown availability rate reached its lowest in five years, averaging 10.5 percent in the fourth quarter, down from 11.8 percent in quarter four of 2013.

Midtown leasing activity totaled 4.15 million square feet during the final quarter of 2014, seven percent higher than the five-year quarterly average of 3.89 million square feet.

Click here to view the full report.


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