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Manhattan Midtown Market Reports

Manhattan Midtown Office Market

Average Asking Rent (Price/SF)        $80.51
Availability Rate (%)          12.0%
Net Absorption (SF)    -484,409

Overall leasing in Midtown totaled 5.4 million square feet in the first quarter of 2018, down 11.0% from the quarterly average of the previous eight quarters but 5.7% above the 10-year quarterly average. Six of Manhattan's 10 largest deals this quarter occurred in Midtown. This quarter, 27.8% of the total square footage leased was driven by the eight deals that occurred above 100,000 square feet. Additionally, renewal activity decreased by 54.7% year-over-year, from 2.0 million square feet to 916,919 square feet, while relocations increased 28.4% year-over-year, from 3.5 million square feet to 4.5 million square feet.



Manhattan Midtown Office Market Report
1Q18
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