October 11, 2019
Third-quarter Manhattan office leasing totaled 7.34 million square feet, 4% above the five-year quarterly average, CBRE said Thursday. Additionally, year-to-date leasing activity totaled 22.22 million square feet, up 1% year over year.
Manhattan’s average asking rent notched another record high, rising 2% quarter-over-quarter to $81.52-per-square-foot.
Midtown South registered the submarket’s highest quarterly leasing total on record, while Downtown YTD volume was at its highest level in nearly 20 years. Midtown average asking rents reached an all-time high of $89.45-per-square-foot, despite below-average leasing activity and several large block space additions.
“The Downtown and Midtown South markets continue to surge, as demand from tenants, especially in the tech sector, remains strong,” said Nicole LaRusso, director of research and analysis for CBRE Tri-State. “Overall, we expect leasing to remain robust for the remainder of 2019, with several large leases expected to close in Midtown.”
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny