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Manhattan Office MarketBeats: August 2019

Richard Persichetti • 9/20/2019
Despite falling 33.2% from the previous four-month average of 3.4 million square feet (msf) leased, Manhattan new leasing remained strong with nearly 2.3 msf transacted in August. 

MANHATTAN

Manhattan Office MarketBeats August 2019 Manhattan

Midtown leasing nearly doubled month-over-month, accounting for 67.0% of Manhattan-wide activity, while Midtown South and Downtown leasing moved at a sluggish pace. Overall vacancy inched up 20 basis points (bps) as three Midtown blocks each greater than 100,000 square feet (sf) entered the market. Overall asking rents increased $0.48 per square foot (psf), mainly due to the addition of higher-priced Midtown space.

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MIDTOWN

Manhattan Office MarketBeats August 2019 Midtown

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MIDTOWN SOUTH

Manhattan Office MarketBeats August 2019 Midtown South

 

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DOWNTOWN

Manhattan Office MarketBeats August 2019 Downtown

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