Companies Lease 7M-SF of Manhattan Office Space: CBRE

Companies leased 7 million square feet of office space in Manhattan in the fourth quarter of 2017. That’s 10% higher than the quarterly average over the last five years. It was a big end to a big year. Companies leased 28 million square feet of office space in 2017, up nearly a quarter from 2016, according to CBRE.

“The fourth quarter capped off a strong year for the Manhattan office market,” said Nicole LaRusso, for CBRE Tri-State. “Average rents and the availability rate held steady for Manhattan overall, though availability might tick up as more space comes to market this year.”

The average asking rent was $72.91 per square foot and the quarterly availability was 11.5%, both virtually unchanged from a year ago.

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