Following a record-breaking third quarter, Manhattan new leasing activity increased 6.8% in the fourth quarter to an all-time high of 10.2 million square feet (msf). The strong quarterly finish brought 2018 leasing to a record 35.9 msf, surpassing the 2017 total by 17.7%. Though renewal activity declined by 30.2% from 2017 to 6.3 msf, new leasing and renewals combined reached a historic 42.2 msf, fueled by a record-high of 61 leases greater than 100,000 square feet (sf). Financial services was the largest driver of activity in 2018, accounting for 29.8% of new leases signed greater than 10,000 sf.
Download the full Manhattan Q4 2018 MarketBeat Report by clicking here or on the graphic above.
In Midtown, leasing activity reached an all-time high with quarterly leasing activity reaching 6.5 msf, bringing the 2018 total to 23.7 msf -the highest annual amount on record. As a result, Midtown was the only major market to post a vacancy decline, down 20 bps to 9.3%.
Download the full Midtown Q4 2018 MarketBeat Report by clicking here or on the graphic above.
Midtown South demand and rents reached an all-time high to end 2018, as vacancy declined 20 bps to 7.2% in Q4 2018, largely attributed to Google leasing a combined 402,169 sf at 315 and 345 Hudson Street. Overall asking rents increased 11.5% year-over-year, closing 2018 at $76.82 psf— largely attributed to higher-priced, Class A space entering the market.
Download the full Midtown South Q4 2018 MarketBeat Report by clicking here or on the graphic above.
Downtown finished 2018 on a high note with new leasing activity in Q4 measuring 1.8 msf, nearly double the amount during Q4 2017. There were 11 leases greater than 50,000 sf signed during the quarter, including a 201,621-sf deal by Cahill, Gordon & Reindel at 32 Old Slip.
Download the full Downtown Q4 2018 MarketBeat Report by clicking here or on the graphic above.