MANHATTAN OFFICE SPACE MARKET ANALYTICS FOR 2020
INVENTORY SF 376 M +1.0% Prior Period 373 M
UNDER CONSTRUCTION SF 10.2 M -10.3% Prior Period 11.4 M
VACANCY RATE 11.7% +1.0% Prior Period 10.7%
AVERAGE MARKET RENT / SF $76.15 +1.2% Prior Period $75.25
MARKET SALE PRICE / SF $904 +2.9% Prior Period $878
MARKET CAP RATE 4.3% Prior Period 4.3%
Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%
Office Sales Past Year
Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M
Demand
12 Months Net Absorption % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%
