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Downtown Domination Continued In Q4

NEW YORK CITY-Strong leasing, modern towers, value and a growing residential market pushed Lower Manhattan office leasing into the stratosphere, catching the attention of the investment sales market.

By Rayna Katz | Updated on January 13, 2014

NEW YORK CITY-With leasing velocity moving at a rapid clip, transportation hubs and new, efficient buildings under construction as well as the ensuing rise of interest from investment capital, Downtown was the star of the fourth quarter of 2013, according to CBRE. Underscoring its point, the firm held its quarterly briefing—traditionally done at its Midtown offices—at the recently opened 4 World Trade Center, where CBRE is the leasing agent.

Manhattan’s remaining submarkets also performed well, with both Midtown and Midtown South beating their five-year quarterly averages, noted Kyle Schoppmann, senior managing director. Midtown leasing activity reached 4.05 million square feet, topping the market’s five-year quarterly average of 3.61 million square feet. Renewals and expansions accounted for four of Q4 top five deals, led by Metro-North Railroad‘s 266,000-square-foot renewal-and-expansion deal. Midtown’s average asking rent per square foot rose $2.66, or 4%, during the quarter to $72.85. Year-over-year, the average was up $5.05 per square foot, or 7%.

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