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 OfficeDemand 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