Manhattan Midtown South Office Market
| Average Asking Rent (Price/SF) | $77.76 |
| Availability Rate (%) | 19.1% |
| Net Absorption (SF) | -2,074,020 |
The Midtown South availability rate increased from 17.5% to 19.1% quarter-over-quarter. The 160-basis-point jump occurred despite availability rates declining in three of the five submarkets. Hudson Square/Meatpacking, Flatiron/Union Square, and the East Village each saw rates fall between 20 and 70 basis points from last quarter. Flatiron/Union Square and Chelsea, however, recorded increases of 340 basis points and 170 basis points, respectively. Each of the five contiguous large blocks were recorded in these submarkets. Three of the blocks are non-contiguous in Morgan North, totaling 630,000 square feet. The remaining blocks included 637,681 square feet at 295 Fifth Avenue and a sublease addition at 63 Madison Avenue from CBS. Available sublease space totaled 4.4 million square feet at quarter’s end, accounting for 29.4% of all Midtown South availability.
Download Manhattan Midtown South Office Market Report 2Q21