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Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Average Asking Rent (Price/SF)            $76.09
Availability Rate (%)                8.0%
Net Absorption (SF)         814,837

Midtown South leasing velocity reached 2.8 million square feet, the market's highest total in the past 14 quarters. Leasing in the second quarter nearly doubled velocity in the first quarter and was 12.3% above the long-term average of 2.5 million square feet. However, just 6.7% of the completed transactions were for more than 20,000 square feet, signifying that smaller deals were the impetus for the increased leasing numbers. The scarcity of large deals was a function of the limited amount of space in the market.



Manhattan Midtown South Office Market Report
2Q19
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