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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $64.50
 Availability Rate (%)         14.4%
 Net Absorption (SF)      140,110

The Downtown market saw a return to the norm this quarter, after experiencing a first-quarter boom. Tenants leased 1.2 million square feet of space, up 2.2% year-over-year but below the five-year quarterly average of 1.8 million square feet. There were 10 deals signed over 25,000 square feet, with just one over 100,000 square feet. Availability in the Downtown market finished the quarter at 14.4%, a 50-basis-point decline quarter-over-quarter. Average asking rents moved up $0.32/SF $64.50/SF this quarter.

Manhattan Downtown Office Market Report
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Fashion Trends: The Next Wave of Creative Tenants Moving Downtown
September 2015
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