New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 10.9 % vacant to 10.7 % vacant
- Total New York City Office vacancy decreased from 8.0 % vacant to 4.1 % vacant
Manhattan Office:The technology sector and co-working have become a strong driver of office leasing in Manhattan. Nearly 4 million square feet of Manhattan office leasing activity, a 77% increase from the previous year. The strong showing, bolstered by several blockbuster deals, kept the market on track to hit a post-recession record in 2018. In the third quarter, there were no leases closed over 100,000 square feet in Lower Manhattan.
Total Manhattan Class A Office vacancies decreased from 10.9 % vacant to 10.7 % vacant
Manhattan Retail:Retail rents continue to fall albeit at a slower pace with with average asking rents down by an average of 25% from the peak.
Year-over-year, rents increased in just two corridors, up 14% along West 125th Street in Harlem and 5% on Broadway above West 72nd Street on the Upper West Side.
Midtown’s average asking rents on Upper Fifth Avenue fell 24%, to $2,973 per square foot, and dipped 29%, to $925 per square foot, along East 57th Street.
Retailers are closing more stores than they are opening. This year, the number of chain-store locations in New York shrunk by 0.3% to 7,849.