By: Andrew S. Lazarus | Senior Vice President| Tudor Realty Services Corp.
The New York City office leasing market ended the fourth quarter of 2017 with a vacancy rate of 8.1%, which remained unchanged over the previous quarter. At the end of 2016, the vacancy rate was 7.8%.
The average quoted asking rental rate for available office space (across all building classes) was $65.96 per square foot at the end of the fourth quarter 2017, which represents a 7.3% increase from the previous quarter and a 7.4% increase from one year earlier (4th quarter 2016) when quoted asking rental rates were $61.43 per square foot.
The NYC Office Space Market is comprised of approximately 561,440,717 square feet across 3,823 buildings. Check out the breakdown below which shows data for 20 different submarkets in Manhattan.
A selection of the largest lease signings from 2017 include Alliance Bernstein’s 992,043 square foot renewal at 1345 Avenue of the Americas, Black Rock’s new lease for 847,000 square feet at 50 Hudson Yards, 21st Century Fox’s 793,687 square foot renewal and expansion at 1211 Avenue of the Americas and Ernst & Young’s 604,205 square foot lease at One Manhattan West.
Hope you find this update interesting. If you would like more information about a specific submarket, a particular building or would like to discuss this information in more detail, please do not hesitate to contact us.
If your office lease is expiring or your office space needs are changing, we can help. For almost two decades Andrew Lazarus has been advising commercial office tenants and landlords on commercial leasing matters in Manhattan as a commercial real estate broker. Give us a call and let us explain how we can help – all at no cost to you. We’d be happy to discuss.
As always, thanks for reading.