Manhattan Midtown South Office Market
| Average Asking Rent (Price/SF) | $76.60 |
| Availability Rate (%) | 17.5% |
| Net Absorption (SF) | -1,686,660 |
Leasing activity was buoyed by two large relocations in Flatiron/Union Square this quarter. Suntory Group signed a 99,566-square-foot lease at 11 Madison Avenue, and Freshly signed a 91,040-square-foot deal at 63 Madison Avenue. As a result of these two deals, activity improved by 39.7% quarter over quarter. Despite this improvement, velocity did not reach 1 million square feet for the fourth consecutive quarter, closing at 638,216 square feet. First-quarter activity was 70.3% below the long-term first-quarter average of 2.2 million square feet.
Download Manhattan Midtown South Office Market Report 1Q21