Q3 2019 Manhattan Office Market Report

Q3 2019 Market Report

With rents continuing to be high throughout Manhattan and its submarkets, third quarter 2019 ended with overall average asking rents being down 4.6% percent from the previous quarter ­— $81.42 PSF from $85.37 PSF. Overall vacancy rate dropped from 10.5% to 9.7%. Manhattan’s direct and sublease availability increased slightly over the quarter, from 12.2% to 12.7% and 2.8% to 3.2% respectively. Three of Manhattan’s largest lease transactions occured in the Hudson Square submarket, where Class A asking rents averaged $102.07 PSF.

For Further information on Rental and Availability Rates, Market Trends and Inventory, please download the full report.