Manhattan Midtown South Office Market
| Average Asking Rent (Price/SF) | $78.33 |
| Availability Rate (%) | 15.5% |
| Net Absorption (SF) | -2,520,604 |
For the third consecutive quarter, leasing velocity did not reach 1 million square feet. Fourth-quarter activity totaled 386,537 square feet, bringing total 2020 velocity up to 2.6 million square feet, which is 83.5% below the ten-year average. The largest fourth-quarter transaction was signed for just 36,600 square feet, as Covid-19 continued to limit market activity. Just two of the top five leases this quarter were relocations, as Square/Cash App signed for 40,000 square feet at 13-17 Crosby Street and Comcast signed for 25,200 square feet at 105-113 Wooster Street. With record low leasing velocity and a surging availability rate, annual absorption posted at negative 5.9 million square feet, another record low.
Download Manhattan Midtown South Office Market Report 4Q20