Manhattan Downtown Office Market Report
| Average Asking Rent (Price/SF) | $62.12 |
| Availability Rate (%) | 14.7% |
| Net Absorption (SF) | -1,153,133 |
Two large renewals inked in the fourth quarter helped yield an uptick in leasing volume over last quarter and accounted for more than 50.0% of Downtown’s total velocity. Justworks inked the largest fourth quarter deal with a two-year extension for 264,938 square feet at 55 Water Street. In addition, the New York City Council finalized the second largest deal with a long-term renewal for 157,092 square feet at 250 Broadway. Despite two significant renewals, year-end activity remained significantly below the long-term average. Downtown ended 2020 with 3.7 million square feet of activity, an 83.7% drop from 2019 and 63.9% below the ten-year average. Three additional renewals rounded out the top five deals of the fourth quarter, including two short-term renewals: The Topps Company renewed its 66,684-square-foot lease at 1 Whitehall Street and Vibrant Emotional Health completed a 24-month renewal for 18,821 square feet at 50 Broadway. CLS Bank also signed a 38,743-square-foot renewal at 32 Old Slip for an additional six years.
Download Manhattan Downtown Office Market Report 4Q20