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Manhattan Market Reports

Manhattan Office Market

Average Asking Rent (Price/SF) $81.71
Availability Rate (%) 11.8%
Net Absorption (SF) -766,209

The first quarter held two distinct chapters: a relatively healthy January and February, followed by a sharp turn with the onset of COVID-19 in March. January and February brought a drop in availability and rise in rents, driven by the delivery of new construction. Leasing activity slowed from the fourth quarter, which is relatively common for the first quarter. But the drop was steeper this year with the onset of COVID-19.

 



Manhattan Quarterly Office Report
1Q20
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Manhattan Monthly Market Report
January 2020
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