Manhattan office leasing activity dives in November
According to CBRE, Manhattan's office market leasing activity totaled 1.51 million sq. ft. in November 2016, 29% below its five-year monthly average of 2.14 million sq. ft. The availability rate rose 10 basis points (bps) over the past month and 90 bps from one year ago. CBRE's report highlights include: Midtown - Monthly leasing activity totaled 1.07 million sq. ft., 17% below its five-year monthly average of 1.30 million sq. ft. Year-to-date leasing activity is down 15% compared to the same period last year. The availability rate was virtually unchanged from last month and up 100 bps from one year ago. Net absorption was positive 58,000 sq. ft. in November, bringing the year-to-date total to negative 2.64 million sq. ft. Midtown South - Monthly leasing activity totaled 349,000 sq. ft., 18% below its five-year monthly average of 426,000 sq. ft. Year-to-date leasing activity is down 25% compared to the same period last year. The availability rate was up 60 bps from last month and 200 bps from one year ago. Net absorption was negative 432,000 sq. ft. in November, bringing the year-to-date total to negative 1.66 million sq. ft. Downtown - Monthly leasing activity totaled 91,000 sq. ft., 78% below its five-year monthly average of 419,000 sq. ft. Year-to-date leasing activity is down 23% compared to the same period last year. The availability rate was up 30 bps from last month and 10 bps from one year ago. Net absorption was negative 319,000 sq. ft. in November, bringing the year-to-date total to negative 16,000 sq. ft.
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