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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $64.73
 Availability Rate (%)         14.0%
 Net Absorption (SF)     -343,457

After a strong 2017, Downtown delivered a slow start to the new year. New space was added to the market, including three large blocks over 100,000 square feet, which outpaced leasing and led to the first quarter of negative absorption in a year. At 1,041,802 square feet, leasing activity was down by a little more than 10.0% from the prior quarter. This brought availability up 20 basis points and pushed total asking rents down 30 basis points from the previous quarter, although on annual basis, availability is down 1.2%, while asking rents are up 0.7%.

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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