Q3 2018 New York City Market Report

The Manhattan Office market ended the third quarter 2018 with a vacancy rate of 7.7% – down from 8.1% over the previous quarter. The availability rate decreased marginally from 11.9% to 11.7%. Rental rates increased 2.0% during the third quarter, reaching an average of $75.79 PSF.

The largest projects underway at the end of third quarter were 30 Hudson Yards, a 2,600,000-square-foot building with 98% of its space pre-leased, and One Manhattan West, a 2,216,609-square-foot facility that is 86% pre-leased.