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Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Average Asking Rent (Price/SF)            $80.92
Availability Rate (%)                8.3%
Net Absorption (SF)         -432,784

Midtown South asking rents were recorded at $80.92/SF, an increase of $4.83/SF from the second quarter. The third quarter average shattered the previous record of $76.45/SF set in the fourth quarter of 2018. Rents jumped by more than $2.50/SF in each of the five submarkets. The largest increase occurred in the East Village, where new construction at Essex Crossing and 141 East Houston Street caused asking rents in the small submarket to increase by approximately 67.3%. Increased asking rents at 405-409 West 13th Street, currently under construction, also drove rents in Hudson Square/Meatpacking, which closed the third quarter at $99.38/SF.

Manhattan Midtown South Office Market Report
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