Q3 2019 Manhattan Office 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.