Manhattan Midtown South Office Market
| Average Asking Rent (Price/SF) | $80.39 |
| Availability Rate (%) | 18.0% |
| Net Absorption (SF) | 391,887 |
The Midtown South availability rate dropped to 18.0%, a decline of 50 basis points quarter over quarter. There were just two block additions of at least 50,000 square feet to the market this quarter. At 770 Broadway, 156,341 square feet on two floors formerly occupied by Verizon was added to the market. Furthermore, 62,740 square feet was added at 50 W. 23rd Street in Chelsea. The availability rate decreased in four of the five Midtown South submarkets, with the only exception being NoHo/SoHo, which recorded an increase of 236 basis points. Despite this bump, it remains Midtown South’s tightest submarket. The East Village and Hudson Square/Meatpacking submarkets each recorded decreases of at least 100 basis points. Despite the quarter-over-quarter decline, availability remained 810 basis points above pre-Covid levels.
Download Manhattan Midtown South Office Market Report 3Q22