Midtown leasing in Manhattan started off strong in 2015 | The Real Deal New York

The Real Deal New York

Midtown leasing in Manhattan started off strong in 2015

February 20, 2015 10:42AM

CBREMidtown leasing in Manhattan started off strong in 2015, with monthly leasing totaling 1.68 million square feet by January, 28 percent higher than the five-year monthly average. Leasing activity remained unchanged year-over-year, but was up from 1.58 million per square feet from December 2014. The availability rate for Midtown offices hit 11 percent, up from 10.5 percent in the previous month, but down from 12.2 percent in the same month last year. The average asking rent rose to $75.57 per square foot, compared to $74.92 per square foot in December and $73.64 in January 2014. January’s largest lease based on square footage was the renewal and expansion of Kirkland & Ellis LLP’s 403,216 square foot lease at 601 Lexington Avenue. View the full report online here.


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