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Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Average Asking Rent (Price/SF)         $75.14
Availability Rate (%)           10.6%
Net Absorption (SF)        390,056

Leasing in Midtown South fell to 1,689,000 square feet this quarter, a 38.0% decrease quarter-over-quarter, but a 24.6% increase year-over-year. This is best explained by the fact that fewer than 4.0% of the deals signed in Midtown South this quarter were greater than 50,000 square feet. However, slow leasing is attributed to low availability, which fell 20 basis points from the prior quarter to 10.6%, its lowest point since the second quarter of 2017. Availability in Midtown South hovered below 11.0% for the fourth straight quarter, despite two large blocks added at 620 Avenue of the Americas and 11 Madison Avenue.

Manhattan Midtown South Office Market Report
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