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Midtown office availability falls back to pandemic-era levels

Colliers said Midtown’s available space totaled 27.7 million square feet at the end of Q3, the first NYC submarket to recover all pandemic occupancy losses.

Reported · Written up by our desk · Commercial

Manhattan’s Midtown office market showed no summer slowdown, with availability shrinking as rents climbed, according to a Colliers report cited by Bisnow.

By the end of the third quarter, available office space in Midtown fell to 27.7 million square feet, matching the level seen in March 2020. The report also said Midtown became the first NYC submarket to recover all the occupancy losses caused by the pandemic.

More than 10 million square feet of leases were signed across Manhattan, keeping the market on track for its busiest year since 2000, according to Bisnow.

The tightening market helped push asking rents for Class-A buildings to an all-time high of $85.45 per square foot, while Midtown’s availability rate dropped to 11.9% and its average asking rent reached $85.08 per square foot, up 5.4% year over year, the fastest annual Q3 increase since 2014.

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