market research

July 2018

July 2018 New York Commercial Real Estate Market Report

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Manhattan Office
Demand for Manhattan office space was robust last month and ahead of 2018’s leasing total this point last year. Manhattan recorded 4.17 million square feet of new leases and renewals last month, almost 83% higher than in May of last year.

Manhattan Retail
The 10 biggest retail lease deals signed last month totaled just over 165,000 square feet, well below last month’s total of over 310,000 square feet.

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 8.7 % vacant to 9.3 % vacant
  • Total New York City Office vacancy increased from 7.9 % vacant to 8.1 % vacant

Manhattan Office

Demand for Manhattan office space was robust last month and ahead of 2018’s leasing total at this point last year. Manhattan recorded 4.17 million square feet of new leases and renewals last month, almost 83% higher than in May of last year. Downtown accounted for 1 million square feet of leasing, more than double the figure from a year earlier. Manhattan’s average asking office rent increased nearly 1% to $74.04.

Midtown and Midtown South ranked as the sixth and seventh most expensive office markets in the world.

Companies downtown like Condé Nast and Liberty Mutual put more than 600,000 square feet of space for subleases, competing with their own landlords and threatening to undercut rents.

Total Manhattan Class A Office vacancies increased from 8.7 % vacant to 9.3 % vacant

Manhattan Retail

The 10 biggest retail lease deals signed last month totaled just over 165,000 square feet well below last month’s total of over 310,000 square feet.

Building Sales

In New York City, dollar volume for closed investment sales for the year totaled $34.9 billion, down nearly 40% from $57.8 billion in 2016.

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