Office Market Data | Downtown Alliance

Office Market Data

Lower Manhattan Office Market, Q3 2017



  • Private-Sector Employment (Q1 2017): 234,244

  • Public-Sector Employment (Q1 2017): 41,664

  • Average Private-Sector Salary: $145,074

Leasing Statistics

  • Total Office Space Square Footage3: 88.5 million square feet

  • Lower Manhattan Quarterly Leasing Activity2: 1.4 million square feet, up 69% year-over-year

  • Lower Manhattan YTD Office Leasing Activity2: 4.5 million square eet, up 56% year-over-year

  • Overall Office Vacancy Rate3: 8.7%, down 1.2 percentage points year-over-year

  • Class A Office Vacancy Rate3: 10.1%, down 1.6 percentage points year-over-year

  • Overall Office Average Asking Rent3: $59.90, up 1.2% year-over-year

  • Class A Office Average Asking Rent3: $63, up 1.2% year-over-year

Total Square Footage of Office Relocations to Lower Manhattan since 2005:
18.9 million square feet


1New York State Department of Labor. Data Lags by Two Quarters
2CBRE, New Activity Only
3Cushman & Wakefield

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Research Inquiries

Alison Baumann
Assistant Vice President of Research, Economic Development