Midtown deal flow accelerates in February

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Manhattan Office Outlook | March 2015

MMU_Mar2015JLL’s New York Research team has just released its March 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
After a lull in large block leasing activity in Midtown in January, deal flow accelerated in February with three transactions over 100,000 square feet completed, causing the Midtown Class A vacancy to decrease to 11.2 percent from 11.4 percent during the month.

Lower Manhattan
Lower Manhattan vacancy remained steady for the month as the largest lease of the year offset the introduction of another block of Trophy-quality space.

Midtown South
Midtown South Class A vacancy sharply decreased month-over-month to 6.0 percent from 7.0 percent, largely as a result of Facebook’s 79,998-square-foot expansion in Greenwich Village.

Capital Markets
The New York City investment sales market is off to a strong start in 2015, with 111 deals valued at just over $13 billion closed through February and the dollar volume potentially topping the $20 billion level by quarter-end.

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

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