Manhattan Midtown Office Market
| Average Asking Rent (Price/SF) | $80.11 |
| Availability Rate (%) | 15.7% |
| Net Absorption (SF) | -3,980,116 |
Midtown market activity slowed after an improved third quarter with 2.2 million square feet leased, down 59.4% quarter over quarter. Fourth quarter leasing was driven by four deals greater than 100,000 square feet, all of which had a term greater than five years. This varies from the previous two quarters that were mostly driven by shorter-term renewals. These large leases include Centric Brands’ consolidation at the Empire State Building, Travelers Insurance’s renewal at 485 Lexington Avenue, Apple’s expansion at 11 Penn Plaza and Noom’s sublease of former R/GA space at 5 Manhattan West.
Download Manhattan Midtown Office Market Report 4Q20