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Manhattan Office Market Finally Enjoys Positive Absorption in 2018

October 09, 2018 / Michael Gerrity

According to CBRE's latest Manhattan Office MarketViews Report for the third quarter of 2018, office leasing activity totaled 6.73 million sq. ft. in Q3 2018, 3% behind its five-year quarterly average, while year-to-date leasing activity totaled 22.09 million sq. ft., 5% higher than the same period last year. The availability rate during Q3 was 11.7%, down 10 basis points (bps) from Q2 2018 and unchanged from a year ago. "One of the big stories from the third quarter was the continuing leasing momentum among flexible space providers, who were a major driver of activity last quarter. In Midtown South, one single flexible space provider accounted for four out of the five largest deals during the quarter," said Nicole LaRusso, Director of Research & Analysis for CBRE Tri-State. "In Midtown, leasing activity exceeded four million square feet for the sixth consecutive quarter. This puts Midtown's year-to-date leasing at its highest level since 2006."