Manhattan Midtown Office Market
| Average Asking Rent (Price/SF) | $77.48 |
| Availability Rate (%) | 17.5% |
| Net Absorption (SF) | -5,866,004 |
Midtown leasing activity rose slightly from the previous quarter, reaching 3.4 million square feet. Although first quarter leasing output lagged the 10-year quarterly average by 38.3%, Midtown accounted for 77.4% of Manhattan activity. Through the pandemic, Midtown has driven Manhattan leasing, with 73.2% of total volume over the past year, compared to just 58.1% in 2019.
Download Manhattan Midtown Office Market Report 1Q21