Q4 2019 NYC Market Report
With Manhattan leasing activity continuing to thrive, overall average rents dropped from $81.42 PSF to $77.30 PSF. While Class A average rents showed a drop since last quarter, Class B average rents showed a slight increase in the Midtown and Downtown submarkets. Overall direct and sublease availability rates saw a notable decrease from 12.7% and 3.2% last quarter to 9.3% and 2.8%. This is due to several extremely large deals closing over the quarter resulting in millions of square feet taken off the market.