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Monthly Update

United States | New York, NY

Report | Manhattan Monthly Market Update - April 2013

Summary

Highlights

  • April starts quarter with blockbuster leasing activity
  • New available space at One World Trade Center results in large increases in Downtown Class A vacancy rate

Midtown had one of its most active months in two years, with four large leases over 100,000 square feet signed, including two major commitments to the new Hudson Yards development.

Despite strong demand from technology tenants, Midtown South vacancy continued to rise as a large block of renovated space returned to the market.

After a drop in the Downtown vacancy rate in the first quarter, newly available space at One World Trade Center officially impacted statistics in April, resulting in large increases in the Class A vacancy rate and boosting average asking rents.

With strengthening employment in sectors like technology, energy and healthcare; attractive financing options; and tradable product that met investor appetite for risk, the real estate investment sales transaction market had its best first quarter performance since prior to the 2008 financial crisis.

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