JLL recently released its Manhattan Monthly Update, a monthly wrap up of leasing activity in Manhattan, along with Class A vacancy and asking rates. A submarket summary is as follows:
Strong leasing led to positive absorption and lower vacancy in Midtown in May, though the average asking rent slipped due to the introduction of new sublease vacancies and opportunities in value locations.
Midtown South Manhattan
Midtown South picked up steam in May as leasing, particularly in large transactions, expanded and new availabilities remained manageable. April’s lull ended as seven leases greater than 25,000 square feet were signed compared with only one the previous month. The creative and tech industries continued to drive activity, accounting for almost 89 percent of all square feet leased for the month.
Downtown continued to benefit from the migration to value space, and in recent years has emerged as the new center for print and web media. In May, Time, Inc. committed to 669,832 square feet at 225 Liberty Street, joining Condé Nast (Vanity Fair, Vogue and the New Yorker), Mansueto Ventures (Inc. and Fast Company) and book publisher HarperCollins, among others.
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