New York Market Overview
- Total Manhattan Class A Office vacancies increased from 9.9 % vacant to 10.2 % vacant
- Total New York City Office vacancy stayed at 7.8 % vacant
Manhattan Office:Midtown office leasing totaled 1.60 million square feet in January. The availability rate was 10.8% up slightly and average asking rent rose more than $4 to $82.45 per square foot.
Midtown South leasing totaled 550,000 square feet in January, 53% more than the same period last year. Availability rate rose to 10%, up slightly from December, with average asking rent to $82.25. Lower Manhattan office leasing totaled 910,000 square feet in January. Availability rate is 13.3%, and the average asking rent is $61.80 per square foot. Half of the leasing volume came from one deal, New York City Health & Hospitals signed a 24-year, 526,552-square foot lease at 100 Pearl Street.
Total Manhattan Class A Office vacancies increased from 9.9 % vacant to 10.2 % vacant
Manhattan Retail:There were more store closings announced than new leases signed. Tommy Hilfiger, will close its 22,000-square-foot store at 681 Fifth Avenue. Payless is shutting down entirely and Gap and Victoria Secret are closing select locations.
On a positive note: The Hudson Yards mall opened with a 1 million-square-foot complex that is about 85% occupied.