NEW YORK CITY—Manhattan's office leasing slowed in the first quarter with slightly higher availability and negative absorption. But asking rents climbed.
The Overall Office Picture
At 7.57 million square feet, Manhattan's first quarter leasing activity dropped 22.5% from Q4 2017. Year-over-year leasing was down by 17.8%. It fell 18.9% below the five-year first quarter average but was 3.3% above the same 10-year average. However, the average asking rent at $73.05 was up despite lower demand and a growing supply. These results are from the Colliers International Q1 2018 office market reports, analyzing data from a sample set of 517 million square feet of office space.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
