Manhattan Downtown Office Market Report
| Average Asking Rent (Price/SF) | $63.83 |
| Availability Rate (%) | 11.9% |
| Net Absorption (SF) | -482,259 |
Downtown’s availability rate rose to 11.9% in the second quarter, an increase of 60 basis points, after a slew of sublease space was added over the last three months. There are now more than 2.7 million square feet of sublet space on the market in Downtown, after the supply grew 12.4% over the last quarter and rose more quickly than other Manhattan markets. Significant additions came online in both Downtown East and Downtown West, including more than 163,000 square feet now available for sublease from Emblem Health at 55 Water Street; 83,685 square feet on the market for sublease from Moda Operandi at 195 Broadway; and Casper’s 27,375-square-foot sublease at 3 World Trade Center.
Download Manhattan Downtown Office Market Report 2Q20