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Manhattan Downtown Market Reports

Manhattan Downtown Office Market Report

 Average Asking Rent (Price/SF)        $61.99
 Availability Rate (%)          13.6%
 Net Absorption (SF)      152,143

Downtown had a remarkable start to 2019, as 2.3 million square feet of space was leased in the first quarter, making this the strongest quarter in two years. Whereas the leasing velocity for all of Manhattan declined significantly from the previous quarter, Downtown recorded a 6.6% increase quarter-over-quarter. Year-over-year, Downtown leasing velocity increased 123.3% and remains a healthy 40.7% above the five-term average. Leasing activity was driven by several large transactions, including three of the five largest deals in Manhattan this quarter.

Manhattan Downtown Office Market Report
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