Manhattan Office Outlook | August 2014

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Midtown South experiences an uptick in July

ManhattanOO_Aug2014JLL recently released its Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets. Report highlights are as follows:

Midtown Manhattan
Though leasing activity in Midtown was light for July, the Midtown Class A vacancy rate decreased to 11.2 percent from 11.5 percent in June.

Downtown Manhattan
The Downtown market continued its momentum in July mainly due to two of Manhattan’s most sizable leases.

Midtown South Manhattan
Midtown South leasing activity picked up in July, with overall vacancy tightening to 7.3 percent from 7.7 percent, as several sizeable leases from the creative sector closed.

Capital Markets
The New York City investment sales market experienced a record-setting first half of the year with 221 deals closed and 39 deals under contract for a total of 260 deals year-to-date.

Read the full report for more in-depth information about activity in the Manhattan office market.