• New York City

Manhattan Office MarketBeats: August 2019

MANHATTAN

Overview

Despite falling 33.2% from the previous four-month average of 3.4 million square feet (msf) leased, Manhattan new leasing remained strong with nearly 2.3 msf transacted in August. Midtown leasing nearly doubled month-over-month, accounting for 67.0% of Manhattan-wide activity, while Midtown South and Downtown leasing moved at a sluggish pace. Overall vacancy inched up 20 basis points (bps) as three Midtown blocks each greater than 100,000 square feet (sf) entered the market. Overall asking rents increased $0.48 per square foot (psf), mainly due to the addition of higher-priced Midtown space.

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MIDTOWN

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MIDTOWN SOUTH

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DOWNTOWN

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  • New York City

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