Midtown Manhattan's average asking rent rose by 2% from the previous quarter; Midtown South's leasing rose for the third consecutive quarter; and Downtown's quarterly absorption is positive for the first time since Q3 2019, according to a new report issued by CBRE.
Manhattan overall saw 5.68 million sq. ft. of leasing activity, up 96% from Q1 2021. Leasing was slow in January and February due to the Omicron surge, but tenants returned to the market in force in March, helping to drive a strong finish to the quarter and creating optimism about the market regaining momentum in Q2.
At $77.55 per sq. ft., the average asking rent was up 1% from last quarter and up 2% from one year ago. The taking rent index increased 290 bps quarter-over-quarter to 90.3% and was up 700 bps year-over-year.
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