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Manhattan's Leasing and Absorption Rates Remain Strong

NEW YORK CITY-The availability rate in the Financial District fell by more than half, rents moved above $40 per sf in Times Square South and leases in the Hudson Square/Tribeca submarket quadrupled to 1.07 million sf over the last year.

By John Howe | Updated on November 14, 2000

NEW YORK CITY-Year to date, leasing and absorption of commercial space here has outpaced the last 12 months, despite a slowdown in Manhattan during October. And although rents declined a bit in Midtown, new highs were reached in the Downtown and Midtown South markets, according to a report from Insignia/ESG, the commercial real estate services firm.

Midtown: In October 1999, 1.07 million sf were leased in this sector, compared to 560,000 sf a year later, while rents in Times Square South moved beyond the $40 barrier to $40.53. In other sections of this market, asking rents continued rising, except for the Plaza District. The decrease there, from $86.86 per sf to $84.85 per sf, accounted for an overall decline in Midtown to $60.66.

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