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Manhattan Market Reports

Manhattan Office Market

Average Asking Rent (Price/SF) $76.04
Availability Rate (%) 12.0%
Net Absorption (SF) 1,158,133

Leasing velocity was recorded at 6.5 million square feet; this was one of the highest totals on record for a single month, which was bolstered by Time Warner's sale-leaseback at 30 Hudson Yards for 1.5 million square feet. This month's leasing velocity surpassed April's five-year monthly average by 69.4%. Asking rents fell to $76.04/SF, a year-over-year decrease of $1.06/SF. The combination of multiple large deals-11 of which exceeded 100,000 square feet-and few large block additions resulted in positive absorption of 1.2 million square feet, while the availability rate declined to 12.0%. April marked the 30th straight month in which the availability rate fell between 12.0% and 13.0%.


Manhattan Quarterly Office Report
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Manhattan Monthly Market Report
May 2019
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