Search
 
Features

Manhattan Office Market Still Rising

For Manhattan offices overall average rent and leasing activity were up, with a decline in availabilities for April 2019, according to the Colliers International Market Snapshot Report.

New York skyline/ Photo by Michael Discenza on Unsplash New York skyline/ Photo by Michael Discenza on Unsplash

NEW YORK CITY—For Manhattan, Colliers International’s monthly snapshot report documented optimistic statistics for April: The average asking rent in April 2019 was $77.44, up from the prior month of March at $76.57, with an even more noticeable increase year-over-year, with April 2018 at $73.36.

Within the submarkets, Downtown’s numbers indicate a neighborhood for possible deals. The Colliers data showed a year-over-year decrease, with the asking rents in April 2019 at $62.49 compared to $62.55 in April 2018. In CBRE’s presentation in the beginning of April, the brokerage’s CEO, New York Tri-State Region, Mary Ann Tighe had also pointed out, “There is alway a discount Downtown. Always.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.