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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $63.22
 Availability Rate (%)          12.5%
 Net Absorption (SF)      529,616

Downtown maintained its momentum through mid-year, as second- quarter activity outpaced the first quarter and made the first half of 2019 the busiest of the market cycle. Second-quarter leasing velocity reached 2.8 million square feet, bringing year-to-date volume to 5.1 million square feet. This velocity outpaces the five-year average for mid-year totals by 43.0%. Although activity also accelerated over last quarter in Manhattan overall, Downtown year-to-date leasing velocity is now up 56.0% from this time last year, compared with a 13.2% increase in Midtown and a 10.9% decrease in Midtown South.

Manhattan Downtown Office Market Report
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