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Glut of available office space worries NYC market

5 Bryant Park (Credit: Blackstone)

In October, the amount of available office space in Manhattan rose to 12.9 percent, the highest since 2004. The glut of space persisted even as leasing volume rose to 1.76 million SF, which is still less than a half of what it was a year ago. 

  • Be Smart: The average asking price is down to $72.26 per SF, a nearly 10 percent decline from last year.
  • Every lease is preciousArchitect HOK has signed a 10-year renewal for its 34,039-square-foot space on the sixth floor of Savanna’s 5 Bryant Park, CO reported. Other tenants in the 682,988-square-foot building include Grubhub, CBIZ, and Movable Ink.
  • Heard on the Street: Savanna’s Cooper Kramer: “We’re extremely pleased to announce HOK’s long-term commitment to 5 Bryant Park. The attributes that drew our attention to the building two years ago have only become more appealing to tenants.”
  • Brokers: JLL’s Jim Wenk, Kirill Azovtsev and Allison Buck brokered the deal for HOK, while CBRE’s Paul Amrich, Neil King and Meghan Allen represented Savanna. [CO+TRD+Colliers]

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