The Office Index

verall, Manhattan rents were flat in June after posting impressive increases through April and May. Midtown’s starting rent increases continued as several more leases for high-end office space were signed. Midtown South saw leasing activity and rents drop slightly—a normal occurrence in the month after a rare large Class A office lease is signed (Facebook at 770 Broadway). Downtown rents remained flat despite reasonable activity, posting a miniscule drop, which can be attributed to large blocks of space becoming available. June’s largest office deals included Och-Ziff in the Solow Building, New York Media in Hudson Square, and New York County Health Services Review Organization in City Hall.

About the CompStak Office Index The CompStak Office Index is last month’s aggregate rental income from all existing office leases in Manhattan. It tells the story of the overall office market income, based on all leases currently in place. The index is calculated by multiplying the average current rent from all of Manhattan’s office leases in the CompStak database by the total inventory of Manhattan’s office space, minus the vacancy rate. About CompStak Average Starting Rents The average starting rents reflect actual starting rent paid for office deals in Manhattan. The average starting rents are calculated using a rolling average of the past three months. The data is broken down into Manhattan’s three major markets – Midtown, Midtown South, and Downtown. About the CompStak Database CompStak’s database is a compilation of commercial lease comparables (comps) for the Manhattan market. This comprehensive database includes the details of commercial lease transactions completed in Manhattan, including the full rent schedules, landlord concessions and tenant information. CompStak provides unparalleled insight into current market dynamics since it is the only comprehensive database of actual deal information.


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