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Manhattan Midtown Market Reports

Manhattan Midtown Office Market

Average Asking Rent (Price/SF)           $85.00
Availability Rate (%)             12.7%
Net Absorption (SF)        1,185,475

Midtown leasing activity increased for the sixth consecutive year, reaching a cyclical high of 28.4 million square feet in 2019. Fourth-quarter leasing totaled 8.3 million square feet, a 2.0% increase from the fourth quarter of 2018. The increase in activity is predominantly due to the migration of large tenants to the Far West Side. Four of the top five deals of the quarter were relocations to the Far West Side, including Debevoise & Plimpton at 66 Hudson Boulevard, Cravath Swaine & Moore at 2 Manhattan West, Facebook at 50 and 30 Hudson Yards, and Amazon at 460 West 34th Street.



Manhattan Midtown Office Market Report
4Q19
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