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Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Average Asking Rent (Price/SF)            $83.55
Availability Rate (%)                9.3%
Net Absorption (SF)         -705,323

Average asking rents broke records in Midtown South for the second straight quarter, closing the year at $83.53/SF. This was an increase of $2.61/SF from the third quarter, when all five submarkets saw notable gains. Rent increases of more than $5.00/SF in NoHo/SoHo and Flatiron/Union Square were responsible for the market's strong quarter-over-quarter improvement. In just six months, average asking rents have risen 9.8%. Over the past five years, average rents in the market have increased by 33.0%, as a wealth of new construction and a changing tenant base has transformed Midtown South.



Manhattan Midtown South Office Market Report
4Q19
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