New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 10.7 % vacant to 9.1 % vacant
- Total New York City Office vacancy increased from 8.0 % vacant to 8.3 % vacant
Manhattan’s office-leasing sector recorded 32.4 million square feet worth of deals last year, its best showing since 2000. Though demand was tempered by 12,420,581 RSF of new construction and another 13,761,699 proposed. There is an additional 1,314,000 RSF under renovation.
Average office rents remained flat as year-over-year, coming in at $73.33 per square foot. Midtown South average rent was $81.50 up 13% over 2017. Midtown and Downtown rents declined as new construction came on the market, to $78.37 and $60.60.
Proposed Office Buildings:
| 50 Hudson Yards | 2,900,000 |
| 2 World Trade Center | 2,800,000 |
| 270 Park Ave | 2,500,000 |
| 385 9th Ave | 1,950,140 |
| 3 Hudson Blvd | 1,900,000 |
| 511 W 35th St | 950,000 |
| 185 Broadway | 212,960 |
| 123-131 W 23rd St | 186,562 |
| 799 Broadway | 182,000 |
| 1241 Broadway | 140,834 |
| 75 Nassau St | 39,203 |
| Total Proposed | 13,761,699 |
| 66 Hudson Blvd | 2,850,000 |
| 30 Hudson Yards | 2,600,000 |
| 400 W 33rd St | 2,216,609 |
| 1 Vanderbilt Ave | 1,732,955 |
| 390 Ninth Ave | 767,000 |
| 425 Park Ave | 705,244 |
| 441 9th Ave | 700,000 |
| 57 11th Ave | 263,835 |
| 159 E 53rd St | 220,000 |
| 40 Tenth Ave | 156,938 |
| 644 E 14th St | 115,000 |
| 100 E Broadway | 93,000 |
| Total Under Construction | 12,420,581 |
| 550 Madison Ave | 850,000 |
| 149 Madison Ave | 127,000 |
| 671-677 Eighth Ave | 72,038 |
| 15 E 57th St | 54,888 |
| 405-409 W 13th St | 45,271 |
| 53-55 Beach St | 43,136 |
| 30-32 Howard St | 42,407 |
| 1165 Broadway | 41,095 |
| 250 Fifth Ave | 38,185 |
| Total Under Renovation | 1,314,020 |
| 270 Park Avenue | 1,300,000 |
| 1841 Broadway | 114,000 |
| 17 Battery Park | 480,000 |
| Total Office Space Lost | 1,894,000 |
Manhattan Retail:
New York’s Fifth Avenue retail rent has been falling for several years. Last year there was a 24% decline.
Manhattan Building Sales:
New York City’s investment-sales market broke its two-year slide in 2018, with deal volume growing by a third on the year to about $50 billion. The five boroughs recorded $49.1 billion worth of sales in 2018.
New York City’s investment sales market snapped a two-year decline last year, climbing 35% to nearly $50 billion.
A mere 7% of industrial space was vacant in the fourth quarter of 2018, the lowest that vacancy rate has dropped since 2000.
