New York Market Overview
- Total Manhattan Class A Office vacancies increased from 9.3 % vacant to 9.4 % vacant
- Total New York City Office vacancy increased from 7.9 % vacant to 8.0 % vacant
Manhattan office vacancy rates have dipped below 9 percent to 8.8% for the first time since 2009, with Midtown office market asking rents to a seven-year high. Average asking rents are more than $76 per square foot with a 7.2 percent increase year-over-year. There was 1.1 million square feet of positive office absorption in the second quarter recovered. Total Manhattan leasing activity continued was 13 million by the middle of the year, compared to 19.2 million square feet last year.
The Midtown market's 10.5 million square feet of new leases through the first half of 2015 represented a 12.5 percent year-over-year increase. Downtown vacancy rates stood at 10.3 percent, while Midtown South had the tightest vacancy of 6.2 percent.
