Manhattan Office Market
| Average Asking Rent (Price/SF) | $76.14 |
| Availability Rate (%) | 19.1% |
| Net Absorption (SF) | -2,294,506 |
Leasing activity closed the second quarter at 7.5 million square feet, down 14.1% quarter over quarter. Despite this decline, demand for Class A space rose, particularly in new supply. Similarly, overall velocity is up 3.3% year over year, while Class A velocity surged 31.5% year over year. The trend is even more prevalent in Midtown, where Class A activity is up 50.3% year over year.
Download Manhattan Market Report 2Q22 Download Manhattan Monthly Market Report August 2022