New York Market Overview
Manhattan OfficeAsking rents rose in all submarkets in Manhattan. Average Downtown office rents were $65.70 per square foot per year. Midtown South average office rents were $77.19. The average office rents in Midtown were $85.75.
Manhattan office leasing was 3.56 million square feet, a third less than in December and 17% below the year-earlier figure.
Midtown as a whole saw 1.76 million square feet in deals, a 20% increase from December.
Midtown South’s leasing volume declined by 18% to 910,000 square feet.
Downtown leasing activity fell from 2.84 million square feet to just 890,000. Despite the slowdown, Downtown’s availability rate dropped to 10.3%, the lowest since 2008.
Midtown accounted for nearly half of Manhattan’s office leasing volume in the first month of the new decade, while activity slowed in Midtown South and Downtown.