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Manhattan Office MarketBeats: July 2019

8/26/2019

The second half of the year started off strong with nearly 3.5 million square feet (msf) of new lease transactions completed in July, which was led by record-breaking Midtown South activity.

MANHATTAN

Manhattan Office MarketBeats July 2019 Manhattan leasing 1

This drove Manhattan year-to-date leasing to 21.7 msf, despite Midtown recording the lowest monthly leasing total during July in over a decade with only 754,976 square feet (sf) leased. Overall vacancy edged up 10 basis points (bps) as five blocks, each greater than 100,000 sf, entered the market. Manhattan asking rents dipped $0.34 per square foot (psf) in July, mainly due to the addition of lower-priced available space in Midtown.

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MIDTOWN

Manhattan Office MarketBeats July 2019 Midtown South Submarket Snapshot 2

 

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MIDTOWN SOUTH

Manhattan Office MarketBeats July 2019 Midtown South Submarket Snapshot 3

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DOWNTOWN

Manhattan Office MarketBeats July 2019 Downtown Submarket Snapshot 4

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