NEW YORK, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Manhattan’s office market closed 2018 with a strong fourth quarter that featured more than 10 million square feet of leasing activity, pushing the yearly total over 34 million square feet for the first time since 2014, according to Transwestern’s fourth-quarter office market report. Market activity was driven by the FIRE (finance, insurance, real estate) sector, which accounted for a third of fourth-quarter leasing.
Manhattan posted 2.8 million square feet of positive net absorption this quarter, the highest total since 2014, and positive 1.3 million square feet for the year. For the first time since 2015, all submarkets witnessed positive net absorption for the quarter.
“Manhattan closed the year with one of its strongest quarters on several fronts, with high levels of leasing activity, an increase in asking rental rates and a decrease in availability,” said Danny Mangru, Research Manager at Transwestern. “Coworking continued to be a driving force, accounting for 10 percent of this quarter’s leasing activity and a remarkable 15 percent of the 2018 total.”
Additional highlights from the report include:
Download Transwestern’s full fourth-quarter 2018 report at: https://transwestern.com/market-reports
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