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New York & Tri-State  + New York  + Office  |  April 1, 2024
The Green Street Commercial Property Price Index decreased by 0.8% in June from the previous month, with "sizable bid-ask spreads" a major factor
Emily Fu
By: Emily Fu

Manhattan’s Office Market Remains Muted in Q1 

Manhattan office market had a muted leasing quarter, with total volume slowing due to a lack of large deals, according to Savills’ Q1 2024 report. Despite this, retailers showed increased activity, accounting for a significant portion of total leasing volume.  

The availability rate rose to 20.1%, a post-pandemic peak, driven by large block additions. Midtown Class A asking rents fell for the second consecutive quarter, reaching $90.92 per square foot. Submarkets like Plaza South, Plaza North, and Hudson Yards, with high concentrations of top-end space, showed the lowest availability rates, indicating market stratification.  

The market continues to be affected by job growth and expirations, with firms focusing on right-sizing office footprints and leasing activity primarily driven by expirations rather than new demand. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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