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Manhattan Office Leasing Beats Five-Year Average for Eighth Straight Month
Led by Ropes & Gray’s 429,342-square-foot commitment at 1285 Ave. of the Americas, Manhattan office leasing activity totaled 1.82 million square feet in November, 10% ahead of the five-year monthly average of 1.65 million square feet, CBRE reported. This marks the eighth consecutive month of leasing volume surpassing the five-year average.
Year-to-date leasing activity through Nov. 30 totaled 20.75 million square feet, up 29% from the prior year. Renewals totaled 755,000 square feet in November, bringing the YTD total to 8.31 million square feet.
The availability rate was unchanged from last month at 18.9% but was down 120 basis points year-over-year, according to CBRE. Net absorption was positive 199,000 square feet in November, bringing the YTD total to positive 5.16 million square feet.
At $77.97 per square foot, the average asking rent was essentially flat month-over-month, but gained 1% Y-O-Y. The sublease availability rate declined 10 bps from last month to 4.2%, with the average asking rent remaining flat from one year ago at $57.89 per square foot.
- ◦Lease
