NEW YORK CITY—Manhattan leasing activity totaled 2.28 million square feet in February, a near doubling of January's final tally of 1.31 million square feet, according to newly released data from CBRE Group. Transaction volume across the borough also spiked to 3% above its five-year monthly average of 2.21 million square feet.
The availability rate fell 10 basis points over the past month, and 40 basis points from one year ago. Year-to-date net absorption is negative, but improved by 526,000 square feet in February. The average asking rent is virtually unchanged over the past month and is up 6% from February 2015.
In Midtown, monthly leasing activity totaled 1.44 million square feet, 10% above the five-year monthly average of 1.31 million square feet. Year-to-date leasing activity is down 26% compared to the same period last year.
The availability rate decreased 10 basis points over the past month and is unchanged from one year ago. Year-to-date net absorption is negative, but improved by 49,000 square feet in February. The average asking rent is virtually unchanged from the past month and is up 6% from February 2015.
Meanwhile, Midtown South's monthly leasing activity totaled 540,000 square feet, 22% above the five-year monthly average of 443,000 square feet. Year-to-date leasing activity is down 30% compared to the same period last year.
The availability rate decreased 10 basis points over the past month and 60 basis points from one year ago. Year-to-date net absorption is negative, but improved by 69,000 square feet in February. The average asking rent dipped slightly, as a large block of premium-priced space was leased and additional sublet space came to market.
Monthly leasing activity Downtown totaled 302,000 square feet, 34% below the five-year monthly average of 461,000 square feet. Year-to-date leasing activity is down 11% compared to the same period last year. The availability rate decreased 50 basis points over the past month and 130 basis points from one year ago.
Year-to-date net absorption is positive and up by 408,000 square feet in February. The average asking rent is virtually unchanged from the past month, but is up 3% year-over-year.
The availability rate fell 10 basis points over the past month, and 40 basis points from one year ago. Year-to-date net absorption is negative, but improved by 526,000 square feet in February. The average asking rent is virtually unchanged over the past month and is up 6% from February 2015.
In Midtown, monthly leasing activity totaled 1.44 million square feet, 10% above the five-year monthly average of 1.31 million square feet. Year-to-date leasing activity is down 26% compared to the same period last year.
The availability rate decreased 10 basis points over the past month and is unchanged from one year ago. Year-to-date net absorption is negative, but improved by 49,000 square feet in February. The average asking rent is virtually unchanged from the past month and is up 6% from February 2015.
Meanwhile, Midtown South's monthly leasing activity totaled 540,000 square feet, 22% above the five-year monthly average of 443,000 square feet. Year-to-date leasing activity is down 30% compared to the same period last year.
The availability rate decreased 10 basis points over the past month and 60 basis points from one year ago. Year-to-date net absorption is negative, but improved by 69,000 square feet in February. The average asking rent dipped slightly, as a large block of premium-priced space was leased and additional sublet space came to market.
Monthly leasing activity Downtown totaled 302,000 square feet, 34% below the five-year monthly average of 461,000 square feet. Year-to-date leasing activity is down 11% compared to the same period last year. The availability rate decreased 50 basis points over the past month and 130 basis points from one year ago.
Year-to-date net absorption is positive and up by 408,000 square feet in February. The average asking rent is virtually unchanged from the past month, but is up 3% year-over-year.
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