Q3 2018 Manhattan Office Highlights:

• Coworking firms accounted for 14 transactions this quarter (20% of all leases); totaling more than 30 for the year (15% of all leases).
  • In Q3 8 transactions exceeded 50K SF; 4 topped 100K SF.
• Leasing activity topped 7 million SF for the quarter, pushing the year-to-date figure to 24.2 million SF.
  • 21 new leases exceeded 50K SF, including 8 leases over 100K SF.
• Manhattan’s availability rate of 11.4 percent is unchanged from last quarter.
  • 10 blocks of 100K+ SF and 25 blocks of 50K+ SF added.
  • Midtown saw the greatest drop in the availability rate, down to 10.6% from last quarter’s 10.8%.
  • Downtown witnessed the greatest increase in the availability rate, up to 14.9% from last quarter’s 14.4%.
• Average asking rent for Manhattan had a marginal increase to $74.50, an all-time high and up 1% year-over-year.
• Quarterly net absorption totaled negative 83,803 SF.
  • Brings the year-to-date total to negative 1,476,321 MSF net absorption.