• New York City

New York City 5 Fast Facts: Numbers show strong start to 2019

The Manhattan office leasing market posted a strong, positive first quarter as nearly 8.3 million square feet of new leasing occurred—a 16.6% increase from Q1 2018. Downtown led the market with its strongest first quarter on record, with 2.6 msf leased, up 215% YOY.  Similarly, total employment reached a new all-time high, hitting 4.61 million jobs in February. Despite the positive leasing activity, Manhattan vacancy jumped 100 bps in the first quarter to 10.2%—and exceeded 10.0% for the first time in 18 quarters. Manhattan sublease supply increased as well, surpassing 7.9 msf in Q1 2019.

Be on the lookout for more editions of Five Fast Facts from Cushman & Wakefield’s Tri-State Research team each month. You can download the pictured graphic by clicking here.

  • New York City

© 2019 Cushman & Wakefield, Inc.