NYC Leasing Update: Midtown, Midtown South & Downtown Harbor Three Of The Top Four CRE Markets With The Lowest Vacancy Rate In The Country

According to year end data produced by Cushman & Wakefield, Midtown South, Midtown proper and Downtown boast three of the top four markets with the lowest vacancy rate in the country.

Midtown South, which starts at 34^th St and includes areas such as the Garment District and Murray Hill extends up into the lower 40s, had a vacancy rate of just 6.4%, best in the nation and half of the national average which is 13.5%. Downtown (south of 23^rd St), had a rate of 9.5% finishing in third place and Midtown proper (Times Sq up to 57^th St) had a rate of 9.6% and finished in fourth place.

Other notable locations in the top ten include Portland (OR), San Francisco and Washington D.C.

Midtown proper has the highest average asking rent at $65.42 psf (increasing $1.35 from last quarter) which is almost $16 psf more than Washington D.C. which is the runner up in this category. The national average asking rent psf is $37.35.

Puts things in perspective depending on what market you focus on.