2019 kicked off with the highest January close on record with nearly 4.2 million square feet of new leasing transactions in Manhattan, fueled by a significant increase in Downtown leasing with nearly 1.6 msf transacted. Overall, Manhattan new leasing doubled from one year ago. Even with the strong leasing pace, vacancy inched up 10 basis points during the month to 9.4% as two Midtown South blocks totaling 505,133 square feet were added to the market.
Download the full January Manhattan MarketBeat Report by clicking here or on the graphic above.
In Midtown, monthly leasing activity was up 37.7% from one year ago, reaching 2.1 msf in January. Specifically, Class A leasing totaled 1.7 msf, highlighted by Citadel’s expansion at the 425 Park Avenue redevelopment. Overall vacancy remained stagnant at 9.3% in January, but is down 50 bps from one year ago.
Download the full January Midtown MarketBeat Report by clicking here or on the graphic above.
Midtown South’s new leasing activity reached 468,545 sf in January, an increase of 39.4% from one year ago. Vacancy increased 90 bps to 8.1% during January, largely attributed to almost 600,00 sf becoming available in four buildings, led by 377,583 sf at 63 Madison Avenue. Overall asking rents increased 15.8% year-over-year, closing January at $80.85 psf – the highest overall asking rent on record in Midtown South.
Download the full January Midtown South MarketBeat Report by clicking here or on the graphic above.
New leasing Downtown during January surpassed 1.0 msf for the first time on record at 1.6 msf, highlighted by NYC Health and Hospitals’ 526,552-sf lease signed at 7 Hanover Square. The overall vacancy rated declined 30 bps in January to 10.5%, but is 150 bps higher than one year ago. Asking rents remained relatively flat in January, increasing by $0.08 psf to $63.65 – 6.2% above this time last year.
Download the full January Downtown MarketBeat Report by clicking here or on the graphic above.