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October 11, 2019 Comments Off on Strength in Midtown South, Downtown Offsets Lackluster Q3 for Midtown Office Views: 430 New York News, Top New York

Strength in Midtown South, Downtown Offsets Lackluster Q3 for Midtown Office

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.”

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