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Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Average Asking Rent (Price/SF)            $76.91
Availability Rate (%)              10.1%
Net Absorption (SF)        -268,766

Midtown South leasing was down 49.1% from last quarter, as tenants signed for just 1.4 million square feet. With availability at just 10.1%, space constraints caused leasing velocity to drop to its lowest point in the past six quarters. Companies had difficulty finding large, contiguous blocks of space in the first quarter. At the end of the quarter, there were just 11 blocks of space greater than 100,000 square feet available to lease. This was evident as the largest, direct relocation in the market was for just 51,000 square feet. Following the drop in velocity, quarterly leasing was 42.6% below the 10-year average of 2.45 million square feet. The availability rate in Midtown South was recorded at 10.1%, down 80 basis points year-over-year.

Manhattan Midtown South Office Market Report
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