Manhattan Midtown South Office Market
| Average Asking Rent (Price/SF) | $78.90 |
| Availability Rate (%) | 17.6% |
| Net Absorption (SF) | 281,303 |
After increasing for nine consecutive quarters, the Midtown South availability rate decreased in two straight quarters, falling 70 basis points from last quarter to 17.6%. This followed a quarter of limited space additions to the market, and the lease-up of multiple large blocks of at least 100,000 square feet. These included 150,000 square feet at 122 Fifth Avenue leased by Microsoft, 140,000 square feet at Essex Crossing leased by Verizon, and 120,000 square feet at 85 Tenth Avenue leased by Clear Secure. The Microsoft and Clear Secure deals pushed the Chelsea availability rate down 60 basis points quarter over quarter to 17.2%. Verizon’s deal at Essex Crossing drove the East Village availability rate down 10 percentage points to 21.9%, a large decline that is a result of limited submarket inventory.
Download Manhattan Midtown South Office Market Report 4Q21