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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $63.45
 Availability Rate (%)          11.7%
 Net Absorption (SF)      935,799

Downtown has logged 7.2 million square feet of leasing activity through the third quarter and is experiencing its best year for leasing so far this market cycle. Even as leasing dipped moderately from two consecutive, above-average quarters, year-to-date activity is still 58.6% higher than in 2018's comparable period. Thanks to both robust leasing and the addition of only one block greater than 100,000 square feet, overall availability decreased in the third quarter to 11.7%, its lowest level in the market's history. Availability has been on the steady decline in 2019 and is now down 280 basis points year over year. Downtown West accounted for the largest drop from last quarter, but all three Downtown submarkets posted a year-over-year decline.



Manhattan Downtown Office Market Report
3Q19
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