New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 9.4 % vacant to 9.3 % vacant
- Total New York City Office vacancy decreased from 8.0 % vacant to 7.9 % vacant
Manhattan's office market saw positive absorption for the sixth consecutive month, and average asking rent rose to $40.69 per square foot.
Downtown and Midtown South office markets have some competition with Midtown East. The availability rate for office space in Midtown East dropped to 4.9 percent. Only Noho/Soho had a lower rate, at 4.7 percent. Average asking rent in Midtown East is $66.54 per square foot versus overall Midtown rate of $77.75.
Office construction in the city is at its highest level in 25 years, with 19 buildings containing 9.7 million square feet expected to be erected by the end of next year. New York City is expected to construct 4.3 million square feet of new office space this year.