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Manhattan Office MarketBeats: Q3 2019

Richard Persichetti • 10/21/2019
Drill down into the twenty Manhattan submarkets to get a closer look at the 3rd quarter office leasing stats.

MANHATTAN

New York Manhattan 3Q 2019 Office Chart

Market Overview

Following the dynamic leasing pace of the first half of the year, Manhattan new leasing slowed in the third quarter with nearly 7.3 million square feet (msf) transacted. The limited demand was driven by a reduction in Midtown leasing, which registered the lowest quarterly total in more than six years. Year-todate leasing totaled 25.6 msf, down a slight 0.5% from one year ago. Overall vacancy increased modestly during the quarter, up just 10 basis points (bps) to 10.6% but higher than the 9.5% registered one year ago. Sublease space climbed by 12.2% in the third quarter to nearly 9.8 msf and jumped by 46.3% this year with nearly 3.1 msf added since 2018. Overall year-to-date absorption remained negative for the third consecutive quarter at 2.2 msf, while direct absorption registered positive 1.6 msf, as direct vacant space declined by 2.4%. The Manhattan overall asking rent fell by $0.25 per square foot (psf) during the quarter to $73.91, even though asking rents in 12 of the 20 Manhattan submarkets increased—with Hudson Square/West Village, City Hall and Insurance reaching all-time quarterly highs.

View the full MarketBeat reports for Manhattan and the New York City Area.

MIDTOWN

New York Midtown 3Q 2019 Office Chart

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MIDTOWN SOUTH

New York MIdtown South 3Q 2019 Office Chart

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DOWNTOWN

New York Downtown 3Q 2019 Office Chart

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