• New York City

Manhattan Office MarketBeats: July 2019

MANHATTAN

Overview

The second half of the year started off strong with nearly 3.5 million square feet (msf) of new lease transactions completed in July, which was led by record-breaking Midtown South activity. This drove Manhattan year-to-date leasing to 21.7 msf, despite Midtown recording the lowest monthly leasing total during July in over a decade with only 754,976 square feet (sf) leased. Overall vacancy edged up 10 basis points (bps) as five blocks, each greater than 100,000 sf, entered the market. Manhattan asking rents dipped $0.34 per square foot (psf) in July, mainly due to the addition of lower-priced available space in Midtown.

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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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