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Rental Prices Down, Available Space Rose in Q2 in Manhattan

Uncertainty from COVID-19 pandemic has led to a pause in real estate decisions for many businesses.

Overall rental prices were down while space availability rose in Manhattan in the second quarter, according to Savills Research’s Market in Minutes report.

Uncertainty from COVID-19 pandemic has led to a pause in real estate decisions for many businesses, but availability still rose to 11.8 percent. About 163,000 square feet of space at 55 Water Street and 151,000 square feet of space at 410 Tenth Avenue were available from Emblem Health and First Republic Bank, respectively. About a quarter of available space are now subleases, which is still lower than the average 44 percent of subleases account for total available space in the last two market downturns.

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Pearl Wu

Pearl Wu

Pearl Wu is the editorial Recognition Desk Manager at ALM Media and oversees the administrative aspects of U.S. Legal awards. Please find our upcoming deadlines here.

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