Office Leasing Velocity More Than Four Times Faster in 4th Quarter

The market for office space is booming in Downtown Manhattan, as new towers fill quickly and the district diversifies beyond the financial services business, according to the Office Leasing Snapshot for the Fourth Quarter from Avison Young.

Leasing velocity grew 475% in the fourth quarter Downtown, compared to the year before. The overall vacancy rate for Downtown of 12.0% for the fourth quarter, however, is up from 11.0% the year before.

The biggest leases included:

– City Economic Development Corporation and the Department of Small Business Services leased 222,137 square feet at 1 Liberty Plaza

– McKinsey & Co. leased 200,000 square feet at 3 World Trade Center

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