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Manhattan Midtown Market Reports

Manhattan Midtown Office Market

Average Asking Rent (Price/SF)           $84.15
Availability Rate (%)             12.8%
Net Absorption (SF)        -722,449

Asking rents increased $1.88/SF during the third quarter to a cyclical-high of $84.15/SF. The spike in pricing is largely due to the addition of newly constructed and renovated assets at One Vanderbilt Avenue and the Farley Post Office at 390 Ninth Avenue, where asking rents are in the triple-digits. These jumps in Grand Central and Penn Station outpaced declines in six of the 11 submarkets.



Manhattan Midtown Office Market Report
3Q19
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