Total leasing activity in Manhattan is besting 2018’s record pace, with 14.3 million square feet (msf) leased or renewed through April, up 10.2% year-over-year. Net effective rents (NER) for Manhattan Class A buildings of all lease types averaged $66.47 per square foot (psf) through April, a 4.6% decline from the 2018 average. On the sales side, the 12 office properties sold in Q1 totaled $2.2 billion in dollar volume, down 56.8% YOY following the $2.4B purchase of Chelsea Market in Q1 2018. In retail, two out of every three Manhattan retail leases over the past five quarters were from food and apparel retailers.
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