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Manhattan Market Reports

Manhattan Office Market

Average Asking Rent (Price/SF) $80.26
Availability Rate (%) 12.0%
Net Absorption (SF)  -2,469,848

For the second consecutive year, leasing activity broke records. Velocity finished the year at 48.9 million square feet, 15.7% above 2018's total of 42.3 million square feet and 21.9% above the five-year annual average. The massive increase in activity can be attributed to a flurry of TAMI tenants moving to the Far West Side, led by Facebook, Amazon and Dentsu. Law firm deals in the Far West Side also boosted leasing velocity, as Debevoise & Plimpton and Cravath Swaine & Moore combined to lease more than 1.1 million square fee. Morgan Stanley's renewal at 1 New York Plaza was the largest individual deal of the quarter, as the firm renewed its lease for more than 1.2 million square feet across 22 floors. TAMI tenants accounted for 28.1% of the square footage leased and were followed by financial companies, which were responsible for 10.4% of velocity. Outside of Morgan Stanley's deal, the largest financial services transaction was a 151,980-square-foot renewal at 110 East 59th Street by Cantor Fitzgerald, L.P., which also renewed its space at 499 Park Avenue for 75,695 square feet.


Manhattan Quarterly Office Report
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Manhattan Monthly Market Report
January 2020
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