NEW YORK CITY—Last month Manhattan posted the lowest total of new leases in a decade and the most significant percentage decline ever, according to the Elliman Report. Manhattan's vacancy rate for the month was 2.42% up from 2.03%, as the number of new leases dropped 70.9% to 1,407.
At the same time the month also saw the highest net effective median, average and average per square foot rent ever recorded.
Median rental price rose by 4.9% to $3,650. Rental price per square foot rose 9% to $74.20, which is a record while the average rental price increased by 7.4% to $4,503, also a record.
Other findings from the report:
- In another record, median rental price increased 4.8% to $3,540
- Share of new rental transactions with OP or rent concessions was 35.3%, down from 36.9%
- Size of the concession was 1.4 months of free rent or equivalent, up from 1.3
- Listing inventory fell 14.4% to 4,714
- Days on market was 31, up from 29
- Listing discount was 1.8%, up from 1.2%
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
