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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $64.54
 Availability Rate (%)          12.2%
 Net Absorption (SF)      -579,050

Downtown closed out 2019 with more than 11.1 million square feet of leasing activity and its most active quarter of the year. With activity 51.9% above the 10-year average for this market, Downtown reached a new historical record in 2019 overall and logged 12 deals greater than 100,000 square feet. Major fourth-quarter renewals by two of Downtown's largest existing tenants, New York State Government and Morgan Stanley, helped bolster this total and made the fourth quarter the strongest of the year with more than 3.3 million square feet leased. In November, Morgan Stanley signed a 1.3 million-square-foot renewal and expansion at 1 New York Plaza. New York State also completed a renewal and expansion for 523,000 square feet at 60 Broad Street in October.



Manhattan Downtown Office Market Report
4Q19
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