Reports & Metrics

Manhattan leasing activity remained steady in the first two quarters of the year but has tapered off slightly from a strong second half of 2021 when leasing totaled 19.0 million SF. Read the complete report here: Midyear 2022 Office Market Report

Manhattan Leasing Velocity Falls to Lowest Level of the Pandemic; Market Fundamentals Continue to Favor Tenants As the one year anniversary of the COVID-19 pandemic’s arrival in New York City passes, the Manhattan office leasing market remains suppressed and skewed in favor of tenants.  Read the complete report here: Q12021 Office Market Report Final  

Manhattan’s Office Availability Reaches Highest Rate in Decades; Leasing Volume Continues to Decline In Q4 2020, the continued addition of direct and sublet office space to an already bloated inventory coupled with anemic leasing velocity pushed overall market availability to 15.5% (vs 11.8% in Q4 2019).  Read the complete report here: Q4 2020 Office Market Report

 Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98/SF in Q2 to $78.75/SF in Q3, and down from $79.66/SF in Q3 2019. Midtown South…

After several years of significant growth, office leasing velocity started to slow in January and fell precipitously in the final days of the first quarter as a direct result of the COVID-19 pandemic. Although uncertainty abounds as the world navigates through unchartered waters, we foresee leasing velocity stalling further, causing availability rates to materially increase across each of New York City’s submarkets, as a deluge of sublet space is added to 2Q 2020 inventory from…

Click here to view the Lee & Associates 3Q2019 New York Office Submarket Metrics

The Manhattan office market finished the third quarter with another record high for average asking rents. They increased 1.5% from 2Q to $77.61, which is 5.7% higher than a year ago. Asking rents have increased every consecutive quarter since 3Q 2018. Direct asking rents increased in 12 out of 15 office submarkets. Recent new construction deliveries contributed to the increase in rents, mostly in Midtown South’s far west side. There are over 600,000 square feet…

We think smarter about real estate. Lee & Associates’ state-of-the-market reports issued quarterly for industrial, retail, and office markets offer trend-tracking insight you’ll find nowhere else. Teams across our national company write articles on nationwide, industry-related topics and highlight significant deals, sales, deliveries and construction. Q2 2019 Lee National (Interactive)

We think smarter about real estate. Lee & Associates’ state-of-the-market reports issued quarterly for industrial, retail, and office markets offer trend-tracking insight you’ll find nowhere else. Teams across our national company write articles on nationwide, industry-related topics and highlight significant deals, sales, deliveries and construction. Q1 2019 Lee National (Interactive)