Midtown South new leasing continued to surge in July, reaching an all-time high of nearly 2.2 million square feet to break the previous record of 1.0 msf from January 2005. However, that momentum did not carry over to Midtown where only 754,976 sf of July new leasing marked the lowest monthly total in more than 10 years and 59.5% below the two-year monthly average. Vacancy in Manhattan was pushed up 10 bps to 10.6% after five blocks of space greater than 100,000 sf hit the market in July, the first time this occurred in the past year.
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.