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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $62.82
 Availability Rate (%)          13.8%
 Net Absorption (SF)      450,889

The Downtown market ended the year with a strong 2.2 million square feet of leasing. This flurry of activity represents quarterly growth of 75.5% and an impressive 86.7% year-over-year increase. After a somewhat quiet first three quarters of the year, the fourth quarter brought annual leasing activity on par with the 10-year average, led by several large transactions. The two largest deals accounted for 19.1% of overall activity. Pace University took 214,466 square feet at 161 William Street, and Cahill Gordon & Reindel committed to relocate from 80 Pine Street to 201,621 square feet at 32 Old Slip. Both of these transactions are among the top 10 largest leases in Manhattan this quarter. Rounding out the top five leases of the quarter, Syneos Health inked a deal for 86,498 square feet at 200 Vesey Street, followed by Diageo, which committed to 85,000 square feet in 3 World Trade Center, and Bounce Exchange, which leased 79,188 square feet in 1 World Trade Center.

Manhattan Downtown Office Market Report
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