Office Market Data | Downtown Alliance

Office Market Data

Lower Manhattan Office Market, Q4 2017



  • Private-Sector Employment (Q2 2017): 241,796

  • Public-Sector Employment (Q2 2017): 41,749

  • Average Private-Sector Salary: $143,556

Q4 2017 Leasing Statistics

  • Total Office Space Square Footage3: 88.5 million square feet

  • Lower Manhattan Quarterly Leasing Activity2: 985,000 square feet, up 104% year-over-year

  • Lower Manhattan YTD Office Leasing Activity2: 5.5 million square feet, up 63% year-over-year

  • Overall Office Vacancy Rate3: 8.7%, down 1.5 percentage points year-over-year

  • Class A Office Vacancy Rate3: 9.5%, down 3.1 percentage points year-over-year

  • Overall Office Average Asking Rent3: $60.20, up 1.6% year-over-year

  • Class A Office Average Asking Rent3: $62.80, up 0.7% year-over-year

Total Square Footage of Office Relocations to Lower Manhattan since 2005:
19 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