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Manhattan office leasing update

There has been 521,525 SF of sublease office space added to the market since March and another 1.2 million SF expected to arrive on the market “imminently”. CBRE forecasts that about one-third will be from vacated co-working firms, which lease approximately 12 million SF of Manhattan office space.

  • By the numbersCurrent sublease availability of 11.2 million square feet constitutes only 22 percent (as per CBRE) or 25 percent (as per Savills) of Manhattan’s total available space — around half the percentage in the months following 9/11 and the 2008 Wall Street crash. There’s no doubt that more sublease floors will come to market in the months ahead.
  • Two new sublease offerings: Emblem Health’s 163,000-square-foot space at 55 Water Street and First Republic Bank’s 151,000 square-foot space at 410 Tenth Avenue, where it signed on last year as the anchor tenant. 
  • Heard on the Street: Other companies contemplating new sublease offerings include Invesco at 225 Liberty Street, Netflix at 888 Broadway, FarePortal at 229 West 43rd Street, Eileen Fisher at 111 Fifth Avenue, Mutual of America at 320 Park Avenue, Tiffany at 200 Fifth Avenue, and New York and Company at 330 West 34th Street, according to the Commercial Observer.
  • New construction: Around 5.7 million SF of new product is expected to be delivered through the end of 2021 and another 6.3 million SF in 2022. Office space in Manhattan totals 414 million SF. [CBRE+Newmark+Savills+Avison Young+CO]

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