The Manhattan office market continued its strong recovery in the Q4 of 2014 and investment sales totaled $38.5 billion for the year, marking the third highest year ever recorded. Office leasing in Midtown, Midtown South and Downtown posted positive net absorption. Nearly 31 million square feet was leased by the end of the year, with 51 leases exceeding 100,000 square feet . Overall asking rent was 6.8 percent year-over-year, averaging $65.19 per square foot. Asking rent for Class A offices reached a record high of $82.31 per square foot by the end of the year. The top lease completed in the fourth quarter was Amazon’s 470,000-square-foot new lease at 7 West 34th Street. Sales volume in Manhattan during the fourth quarter totaled $11.2 billion, and was slightly lower than sales during the same time in 2012 and 2013.  The year totaled $38.5 billion in sales, the third highest record behind 2007 and 2008. View the full report online here.

4Q 2014 Manhattan office leasing: Avison Young