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Manhattan Midtown Market Reports

Manhattan Midtown Office Market

Average Asking Rent (Price/SF)        $82.01
Availability Rate (%)          12.3%
Net Absorption (SF)   -1,483,793

Quarterly leasing in Midtown surpassed 8.0 million square feet for the first time this cycle. The quarter's leasing marked a 30.4% increase from the 6.2 million square feet leased last quarter, and a 52.0% increase over the 10-year quarterly average. Year-end velocity was also strong: A total of 26.9 million square feet was leased in 2018, which represents a 10.6% increase over the prior year and 26.3% over the long-term average. Average asking rent ended the year at $82.01/SF, up 2.3% from the prior year and stable from the prior quarter.

Manhattan Midtown Office Market Report
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